Jaitley lauds India's '30 points jump' in World Bank's rankings

India ranked 130 out of 190 countries on the World Bank's'ease of doing business list

India ranked 130 out of 190 countries on the World Bank's'ease of doing business list

This is one of the most encouraging parameters for India as we were previously ranked 136 in resolving insolvency, but this year we have jumped 33 positions to finish at 103 number, Jaitley said.

Jaitley also said that the World Bank's ease of doing business report will help improve the job sector. "He (PM) has initiated a number of measures which may not have been captured in this particular ranking study, so in the next few years we will see it improving again and again".

On being questioned about the reason behind so many failed start-ups in the last three years, Jaitley said, "Start-ups are never 100% successful in anywhere in the world". In Mumbai, starting a business was made faster by merging the applications value-added tax and the Profession Tax (PT). Indeed, as the World Bank points out, "India is the only large country to have achieved such a significant shift". India's score went from 56.05 in doing business to 60.76.

He noted: "We are one of the top ten reforming economies in the world in 2017". The report, which ranks New Zealand, Singapore and Denmark as the easiest countries in the world to do business in, ranked China at 78, which is 22 spots above India.

"With great responsibility, we would like to say that Arun Jaitley has proved to be the worst FM in India's history". India also strengthened access to credit by amending the rules on priority of secured creditors outside reorganiza -tion proceedings and adopting a new insolvency and bankruptcy code that introduced a reorganization procedure for corporate debtors.

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The robust reforms undertaken by the Government on the infrastructure and logistics front has improved the trading across borders. The ranking doesn't include the impact of the goods and services tax, which debuted on July 1. Since June 1 is the cut off date for ranking economies on the basis of 10 specified parameters, GST implementation was not factored in this year.

"Predictably, this has sent a chill through the business community and no "ease of doing business" is visible there", he added.

His remarks came after India today jumped 30 places to rank 100th in the World Banks ease of doing business ranking.

Commenting on the World Bank's report, Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII), said, "The huge improvement in ranking and score will immediately boost investor sentiments".

Calling the improvement in the ranking "historic", Modi, in a series of tweets, said it was the outcome of "the all-round & multi-sectoral reform push of Team India". All this is due to the prime minister's personal adventurism in policy-making.

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