After the announcement of various reforms by the government, Department of Industrial Policy and Promotion (DIPP) Secretary Ramesh Abhishek has expressed hope that India’s ranking is likely to improve significantly in the World Bank’s ease of doing business report, as they have worked very hard. The government’s optimism regarding the improvement in India's rank comes on the back of reforms taken to improve the efficiency in granting construction permits, starting a business and resolving insolvency.
DIPP Secretary also said that the introduction of Goods and Services Tax (GST) is bound to be a ‘gamechanger’ for India's economy despite the expected initial hiccups, which are being addressed by the government. He added that when one do such a massive reform there are bound to be some issues and challenges, but the government has been responding to feedback from stakeholders and making appropriate changes as required.
Participating countries in the ease of doing business report took ranking seriously as they believe that it plays a key role in helping foreign investors to decide where to invest. India’s rank inched up by just one place to 130 in the last year’s survey that measures the ease of doing business in various countries. The World Bank's ‘ease of doing business’ survey 2018 is slated to be released on October 31. Besides, Abhishek pointed out that in the last three-and-a-half years, India has received foreign direct investment (FDI) of above $170 billion.
