India Sees Big Jump in World Bank 'Ease of Doing Business' Ranking

By Shakir Husain NEW DELHI, Nov 1 (Bernama) -- India saw a sharp improvement in the World Bank's latest 'ease of doing business' report, rising 30 spots to rank 100th, an acknowledgement of the government’s economic reforms. India carried out eight reforms, the highest number for the country in a single year, the World Bank said on Tuesday. The country ranked 142nd in 2014 and was placed 130th last year. New Zealand, Singapore and Denmark retained their first, second and third spots respectively in the "Doing Business 2018: Reforming to Create Jobs" report. The Indian government welcomed the country's improved ranking as an endorsement of its reforms. "In 3 years, from 142 we have come to 100. And, I think in those areas where we are still lagging behind, there is a sufficient amount of work in progress. There is a reason to believe that we have a capacity to further significantly improve our position," Finance Minister Arun Jaitley was quoted as saying in the media. Prime Minister Narendra Modi said the "historic jump" in India’s ranking was the outcome of the all-round and multi-sectoral reform push. The World Bank report, however, does not take into account last year's demonetisation that withdrew high-value currency notes and the launch of the Goods and Services Tax in July. These two policy moves were being blamed for a slowdown in the Indian economy. -- BERNAMA