India's Ranking In Ease Of Doing Business Will Improve: Govt. | SupportBiz

News

India's Ranking In Ease Of Doing Business Will Improve: Govt.

 
India has been ranked 142 among the 189 countries in the latest report, falling two places from last year's ranking.

New Delhi: With India's position on the World Bank's ease of doing business index slipping further, the government has said that the positive impact of new reforms should be reflected in the next year's ranking.

Asserting the government's commitment to improve 'ease of doing business' in the country, the Department of Industrial Policy and Promotion (DIPP) has said efforts are being made to bring India into the top 50 ranks.

In a tweet, Commerce and Industry Minister Nirmala Sitharaman has said reforms carried out by the new government after June 1 would be considered for Doing Business Report 2016.

The country's place originally stood at 134 last year, but was adjusted to 140 by the Bank to account for fresh data. The World Bank report has taken into account reforms made between June, 2013 and May, 2014 only, it added.

In September, Prime Minister Narendra Modi had said that India's ranking could be improved to the 50th position by making government regulations easier. According to DIPP, the government has taken many steps, including issuance of checklist with specific timelines for processing applications filed by foreign investors and launch of single registration -- Labour Identification Number -- for labour related compliances.

"World Bank Senior Vice President and Chief Economist recognised these reform measures, but expressed inability to include in Doing Business Report, 2015," another DIPP tweet said. India's former chief economic adviser Kaushik Basu is currently holding the post.