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Takeaways from Jaitley's speech on India's ranking in WB's report

Takeaways from Jaitley's speech on India's ranking in WB's report

India's best performance is on protecting minority investors, where it ranks fourth in the world.

"The hurriedly convened press conference by the finance minister today to seek "manufactured relevance" from the report evidences the actual distance from ground realities and suffering of people of India", he added.

India ranked 100th, up more than 30 places, and was among the top 10 most-improved, having implemented eight reforms between 2016 and 2017.

The World Bank says India still lags in areas such as starting a business, enforcing contracts and dealing with construction permits.

The annual ranking of Ease of Doing Business is topped by New Zealand with 86.55 points, followed by Singapore, Denmark, South Korea and Hong Kong, which is now under the control of China.

Starting a Business: India made starting a business faster by merging the applications for the Permanent Account Number (PAN) and the Tax Account Number (TAN), and by improving the online application system.

According to the World Bank, Beijing and Shanghai performed below global best-practices, with 23 steps and 249 days required to obtain a permit and related costs amounting to 7.8% of the cost of actual construction. Indeed, the government was miffed at last year's ranking just showing an improvement of 1 spot (from 131 to 130).

"It is particularly gratifying to see that numerous reforms are being carried out in economies and sectors where they are most needed", Rita Ramalho, acting head of the bank's Global Indicators Group, said in a statement.

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India climbed 30 positions to rank 100th amongst 190 countries, in the "Ease of Doing Business" report by the World Bank.

Trading across Borders: India reduced import border compliance time in Mumbai by improving infrastructure at the Nhava Sheva Port. Export and import border compliance cost were also reduced in both Delhi and Mumbai by eliminating merchant overtime fees and through the increased use of electronic and mobile platforms.

His response came to Modi's tweet, saying, "Guided by the Mantra of "Reform, Perform and Transform" we are determined to further improve our rankings and scale greater economic growth".

The report doesn't take into consideration the impact of GST which was rolled out on July 1 as its cut off date is June 1.

Giving examples, he said India is ranked low at 164th in enforcement of contracts but with arbitration act will help improve this.

The US moved up two places to sixth, ahead of the United Kingdom but behind Hong Kong and South Korea.

Resolving Insolvency: India made resolving insolvency easier by adopting a new insolvency and bankruptcy code that introduced a reorganization procedure for corporate debtors and facilitated continuation of the debtor's business during insolvency proceedings. In some ways, that explains the reason why countries need to focus on the ease of doing business: A conducive environment for business attracts investments which, in turn, creates jobs.


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