Department of Industrial Policy and Promotion’s (DIPP) Secretary Ramesh Abhishek has expressed confidence that India may further improve its ranking in the World Bank’s ‘ease of doing business’ index this year, on the back of reforms initiated by the government. The World Bank’s ‘ease of doing business’ report is slated to be released in October.
Abhishek has highlighted that last year, India had jumped 30 places to rank 100th in World Bank's 'ease of doing business' ranking among 190 countries, on the back of slew of reforms in taxation, licensing, investor protection and bankruptcy resolution. Besides, he said that several areas, including starting a business and paying taxes, have seen an improvement.
The secretary further said that this is a good time for investments in India. He also expects that Indian economy is likely to touch $5 trillion mark by 2025 and $10 trillion by 2030. He said that they are removing all the bottlenecks and obstacles in areas like logistics and infrastructure, and the department would be setting up a Taiwan Plus cell to hand hold investors in India. He noted that India has attracted $230 billion FDI in the last four years and ‘Invest India’ campaign is facilitating foreign investments worth $90 billion.