Ease Of Doing Business: World Bank To Release Report On 31 October, India Hopes To Improve Ranking

Ease Of Doing Business: World Bank To Release Report On 31 October, India Hopes To Improve RankingRamesh Abhishek, Secretary, DIPP

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)