A day after World Bank’s (WB) ease of doing business rankings put India at 77th place among 190 countries, Finance Minister Arun Jaitley has said that the country can crack into top 50 if it improves on time taken for registering real estate, starting business and enforcement of contracts.
Jaitley pointed out areas that require improvement include time taken for registering property, starting business, insolvency and taxation, and enforcement of contract areas. He added that the government has reduced red-tape and corruption, and its reforms have ensured India jumps ranks from 142 to 77. He highlighted that improvements have already done on enforcement of contracts, taxation and insolvency laws and would be reflected in future rankings.
Besides, India improved its ranking on the WB’s ‘ease of doing business’ report for the second straight year. In its annual 'Doing Business' 2019 report, WB said India jumped 23 places to rank 77th position on the back of reforms related to insolvency, taxation and other areas. Last year, India was ranked 100th in the WB’s Doing Business report.
