Government Optimistic Of India Breaking Into Top 50 In ‘Ease Of Doing Business’ Ranking Soon
In it’s report, the World Bank had commended the reform efforts undertaken by the country “given the size of India’s economy.”
Department for Promotion of Industry and Internal Trade Secretary Guruprasad Mohapatra on Thursday expressed optimism that India will soon break into the top 50 in the World Bank's ease of doing business ranking.
India jumped 14 places to the 63rd position in the World Bank's ease of doing business ranking released in October. India was ranked 142nd among 190 nations when Prime Minister Narendra Modi took office in 2014.
Mohapatra was speaking at an event organised by the Confederation of Indian Industry.
As per a release issued by the industry chamber, Mohapatra said district-wise ease of doing business plan is slowly evolving in which the four local bodies will partake in improving the business climate and ease of living, along with the centre and the state government.
Expressing optimism of India breaking into the top 50 in the World Bank's ease of doing business ranking soon, he sounded caution that once India does that, it will be in the league of advanced industrialised countries, where any incremental progress will require even stronger reform measures from the government.
From next year onwards, the World Bank Ease Of Doing Business rankings will include two more cities of Bengaluru and Kolkata apart from the existing cities of Delhi and Mumbai, he said.
Chairman of CII National Micro, Small and Medium Enterprises Council Shreekant Somany said while the government's measures to improve the business sentiments have borne fruit, the need of the hour is to focus more on short-term measures, which have potential to deliver quick results for boosting investment.
He also underlined a few measures, such as, enhancing capacity and efficiency of the alternative dispute mechanism, fast-track disbursal of delayed payments, aligning all the states into the Shram Suvidha Portal among others, to deliver on the front. In its 'Doing Business' 2020 report, the World Bank had commended the reform efforts undertaken by the country "given the size of India's economy".