India’s ranking may improve significantly in the World Bank’s ease of doing business report on the back of reforms initiated by the government, a top official said on Friday (26 October). The World Bank’s ‘ease of doing business’ report for the year 2018 is slated to be released on 31 October.
“We have worked very hard so we are definitely expecting,” Department of Industrial Policy & Promotion (DIPP) Secretary Ramesh Abhishek told Press Trust of India (PTI) when asked if the country’s ranking would improve.
“The World Bank’s Doing Business report is going to come out on 31 October and we hope to see a significant improvement because of the large number of work that we have done,” said Abhishek.
Commerce and Industry Minister Suresh Prabhu had recently hinted this, saying the country would soon hear “good news” on the ease of doing business front.
The government’s optimism regarding the improvement in India’s rank comes on the back of reforms taken to improve the efficiency in granting construction permits, starting a business and resolving insolvency.
The ease of doing business ranking is taken seriously by participating countries as they believe it plays a key role in helping foreign investors decide where to invest.
In the last three-and-a-half years, India has received foreign direct investment (FDI) of above $170 billion, the DIPP secretary pointed out.
India’s rank inched up by just one place to 130 in last year’s survey that measures the ease of doing business in various countries. (PTI)
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.