Director of Development Economics at the World Bank, Simeon Djankov has said India needs a fresh set of bold reforms in the next three to four years if it wants to be among the top 50 countries with ease of doing business. His comments came as India has jumped 14 places to the 63rd position in the World Bank's (WB) ‘ease of doing business’ report.
Djankov has stated that India can get within the top 50, may be even in the 40 with the current reform agenda that the bank is watching such as Insolvency and Bankruptcy Code, enforcing contracts, tax reforms being completed next year or the year after. He noted that India will face greater competition from other economies in Latin America and Europe to move up the ladder in the ease of doing business report.
The Director further said ‘India needs to ask, what it can do to from being in the top 50 to the top 25 economies and for that you need to recharge.’ He also said the upward movement in the ease of doing report is a result of the reforms undertaken by the Modi Government in its first term. He said 'It (top 25) is possible, but for a large democracy like India, it's extremely difficult.’