NEW DELHI: Prime Minister
on Monday said that India is just a few steps away from breaking into the top 50 on the World Bank’s
ease of doing business index +
And added that the ultimate goal of
is to improve
after speaking on a meeting ‘Reflections on Easy of Doing Business’ with top industrialists and policy makers to brainstorm on measures needed to reach their top 50 club
The Prime Minister also launched the ‘Easy to Doing Business Grand Challenge’, which seeks to innovate ideas from individuals, startups or other enterprises to implement AI, Big Data Analytics, Internet of Things (IOT), Blockchain and other cutting edge technologies. re-engineering related government processes
The details of the challenge
Speaking at the meeting, PM Modi said the policy paralysis has ended and its government was giving policy-based governance, which helped the country’s catapult the World Bank’s 2014 ranking to 77th position this year.
“We are just a few steps away from breaking in the top 50 in the rankings.” India has improved on 8 out of 10 markers, “he said. He added that the efforts on the ranking system at the district level.
“From changing the laws to making it all in practice, all these decisions were not easy to take. Yet, we managed to implement these reforms in a short span of time,” PM Modi said.
PM Modi added that India is now racing in the world order “Our country is on a path of reform and improvement. Global organizations such as the IMF and World Bank have acknowledged India’s rise,” he said.
Union finance minister
, who also spoke at the meeting, asserted that after all the processes set in motion by the government, there is a definite reason to believe that India can now crack in the top 50
Industryists like Anand Mahindra and Rakesh Bharti Mittal as well as representatives of the industry chambers, CII, Ficci and Assocham, among others, shared their direction and roadmap for feedback that direction in advance.
Union ministers Suresh Prabhu, Harsh Vardhan and Hardeep Singh Puri also attended the event.
The meeting was organized by the Department of Industrial Policy and Promotion as the government’s gears up for next year’s leapfrog on the ‘Doing Business’ index next year and the country’s investment attraction boost.
Four years of reform pushed up India’s rank to 100th in World Bank’s ‘Doing Business’ 2018 report It was 130th in 2017 when India was ranked lower than Iran and Uganda.
In its annual ‘Doing Business’ 2019 report, India secured 77th position. New Zealand tops the list, followed by Singapore, Denmark and Hong Kong. The United States is placed at 8th and China ranked 46th. Neighboring Pakistan is located at 136.
India has improved its ranking by 53 positions in the last two years and 65 places in four years since 2014.
The World Bank ranks 190 countries based on 10 parameters, including starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts, and resolving insolvency.
(With inputs from agencies)