The Finance Ministry on Thursday addressed a press conference on the occasion of India's jump in the ranking of Ease of Doing Business. During the briefing, the Chief Eeconomic Advisor Krishnamurthy Subramanian gave an overview of the total amount of loans provided by the Centre. He said that the government had given over all Rs. 20,000 crores worth loans to various sectors including Micro, Small & Medium Enterprises (MSME), agriculture and others.
Speaking to the media, K Subramanian said, "Close to Rs. 80,000 crore credit has been given out of which 43% are new term loans. Just to emphasise further among MSMEs, agriculture, home, about one lakh MSMEs loans have been sanctioned loans closed to Rs. 8,500 crores. Three lakhs loan is given to agriculture amounting to about Rs. 4,600 cr. Overall the loans are given to home, vehicles, MSME, agriculture, and other personal loan amount equal to 20000 crores."
India which was on the 142nd rank in the ease of ‘Doing Business’ report of 2014 jumped to the 77th position in 2018. The current report, however, shows that India has further jumped 14 spaces to become the 63rd country in ease of 'Doing Business'. India amongst the given parameters in the ease of ‘Doing Business’ has ranked highest in projecting the interest of minority investors. Apart from this India has also does well in getting electricity and dealing with construction permits as per this year’s ranking. India also grew by 21.2% points in resolving insolvency as per the report.
According to the report released by the World Bank on the Ease of Doing Business, “the economies with the most notable improvement in Doing Business 2020 are Saudi Arabia, Jordan, Togo, Bahrain, Tajikistan, Pakistan, Kuwait, China, India, and Nigeria. In 2018/19, these countries implemented one-fifth of all the reforms recorded worldwide”. While calculating the ranking, these economies are ranked on their ease of doing business, from 1-190. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. The rankings are determined by sorting the aggregate scores on 10 topics, each consisting of several indicators, giving equal weight to each topic.