India's jump of 30 places in biz ranking is very rare, says World Bank CEO
India moved for the first time into the top 100 of World Bank’s Ease of Doing Business global rankings due to sustained business reforms over the past several years.
World Bank CEO Kristalina Georgieva in an event on Saturday acknowledged India's jump of 30 places in the ease of doing business ranking.
Georgieva in a PTI report said, "India's jump of 30 places in World Bank's ease of doing business report is very rare."
She added, "In reforms what pays off is persistence; what we are seeing is extraordinary achievement by India."
On October 31, India moved for the first time into the top 100 of World Bank’s Ease of Doing Business global rankings due to sustained business reforms over the past several years.
Last year the report had ranked India at 130.
Annette Dixon, Vice President, South Asia region, in the World Bank report that time said,“Having embarked on a strong reform agenda to improve the business environment, the significant jump this year is a result of the Indian government’s consistent efforts over the past few years. It indicates India’s endeavor to further strengthen its position as a preferred place to do business globally."
Going ahead Georgieva also highlighted on the Goods and Services Tax (GST) which has been in effect from July 01, 2017, saying that it creates opportunity for India to grow.
Prime Minister Narendra Modi also in the same event stated that World Bank ease of doing business rank did not include GST. Also the GST issues raised by businesses is being accepted by the GST council.
Meanwhile, keeping GST reform aside - the World Bank's report stated that India has adopted 37 reforms since 2003. It added that, nearly half of these reforms have been implemented in the last four years.
The World Bank's report indicates reforms implemented in 190 countries in the period June 2, 2016 to June 1, 2017.
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