Piyush Goyal, the Union Minister of Commerce and Industry celebrated the news of India's jump in the Ease of Doing business rankings. India's ranking in the Ease of Doing Business of the World Bank report jumped by 14 positions to 63. Congratulating PM Modi, Goyal in a tweet said, "India has jumped from 77th to 63rd rank in the Ease of Doing Business Rankings released just now by the World Bank. Congratulations to PM Narendra Modiji for the path breaking improvements in India's business environment for nation's prosperity and job creation."
India has jumped from 77th to 63rd rank in the Ease of Doing Business Rankings released just now by the World Bank.— Piyush Goyal (@PiyushGoyal) October 24, 2019
Congratulations to PM @NarendraModi ji for the path breaking improvements in India's business environment for nation's prosperity and job creation. pic.twitter.com/67TwARmssS
The World Bank Report divides the rankings and has given various sub-categories. India ranks in the following ranks: Starting a business is 136, Dealing Construction Permits is 27, Getting Electricity is 22, Registering Property is 154, Getting Credit is 25, Paying Taxes is 115, Trading Across Borders is 68, Enforcing Contracts is 163 and Resolving Insolvency is 52.
The Report also listed the reforms made by the country which has helped jump in the overall rankings. It states four major points - Starting a business, Dealing with Construction Business, Trading across borders, Resolving Insolvency. Under Starting a Business, the report said, India made starting a business easier by abolishing filing fees for the SPICe company incorporation form, electronic memorandum of association and articles of association. This reform applies to both Delhi and Mumbai. Under Construction Permits, the report said, India (Delhi) streamlined the process, reduced the time and cost of obtaining construction permits and improved building quality control by strengthening professional certification requirements. India (Mumbai) streamlined the process of obtaining a building permit and made it faster and less expensive to get a construction permit. Under Trading across Borders, the report read, India made trading across borders easier by enabling post-clearance audits, integrating trade stakeholders in a single electronic platform, upgrading port infrastructures and enhancing the electronic submission of documents. This reform applies to both Mumbai and New Delhi. In the final category of Resolving Insolvency, the report said, India made resolving insolvency easier by promoting reorganization proceedings in practice. India also made resolving insolvency more difficult by not allowing dissenting creditors to receive as much under reorganisation as they would receive in liquidation. This reform applies to both Delhi and Mumbai.
The Indian Government is currently dealing with an economic slowdown, but the government has been taking measures to pull the economy out of the slowdown and boost the economy. Recently, the Finance Minister Nirmala Sitharaman cut the Corporate Tax, which has been a big boost for the firms and the government has also been taking steps to make the changes to the GST ratess.