The World Bank Ease of Doing Business Index is considered the most important index in the world for measuring the bureaucratic burden on businesses, and a country's ranking carries great symbolic importance.
Pakistan has improved its ranking by climbing up 11 notches in World Bank's annual Doing Business Report 2019, a press release said on Wednesday. When the BJP came to power, Prime Minister Narendra Modi had said that India needs to come within the top 50 ranks and today, we are at Rank 77. The World Bank's latest Doing Business Report 2019 was released in New Delhi on Wednesday. In 2016, 2015 and 2014, India had not improved much and was placed at 130, 131 and 134, respectively, in the ranking.
India's centrally planned economy in the years after independence was renowned for the complex system of permits required to run a business in the country. Jaitley added that India moved from the 142nd place in the index to the 77th spot in the Modi regime. "We are unwavering in our commitment towards economic reforms, which will ensure an environment that fosters industry, investment and opportunities", the prime minister tweeted. "India's continued effort to make Dealing with Construction Permits easier has this year catapulted the country to a global rank of 52, from 181 last year", according to the World Bank.
However, compared to a year ago, India saw its ranking dip on various other parameters, such as "registering property", "protecting minority investors", "paying taxes" and "resolving insolvency". This year, the country further strengthened access to credit by amending its insolvency law to give secured creditors absolute priority over other claims in insolvency proceedings. Djibouti and India are the only economies to have been ranked in the "10 top improvers" list for the second consecutive year. The United States is placed eight and China, 46th. With streamlining of processes, the country has made it faster and less expensive to obtain a construction permit. "India also made paying taxes less costly by reducing the corporate income tax rate and the employees' provident funds scheme rate paid by the employer", the report said.
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These parameters include ease of starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts and resolving insolvency.
"[It is because of] administrative changes, legislative reforms and particularly what our finance minister did - very path-breaking reforms, whether it is insolvency code, whether it is GST and many others, as well as technological changes", he said.
In 2017, a more granular-level study and analysis by the Niti Aayog and the IDFC Institute showed that the World Bank's assessment also fell short in certain areas, such as the time it takes to start a business. The country, it added, has improved its ranking by 53 positions in the last two years and 65 positions in four years since 2014. The Department of Industrial Policy and Promotion worked on how to up our ranking in each criterion.