India has displayed a staggering performance in the “Ease of Doing Business” ranking that was released this year by the World Bank where India had jumped to the 77th position from last year’s 100th position. Not just this, while PM Modi ascended to the throne in 2014, India’s ranking was 142 but now it is 77. This was indeed a mirror to the pro-business and pro-economy reforms and measures taken by the Modi government.
Now the administration of the Modi government has got another feather in the crown as the World Bank Chief Jim Yong Kim has called up Prime Minister Narendra Modi to congratulate him for the ‘historic rise’ in the rankings. This was revealed by the Prime Minister’s office that said “Kim said this has been made possible, in large measure, due to the unwavering commitment and leadership of Prime Minister Modi. He described this as a historic, and unprecedented achievement” in a release.
Now just this, he also said it is remarkable for a nation of over 1.25 billion people to have achieved a rise of 65 ranks in a short period of 4 years and also promised the World Bank’s unflinching and continued support to India’s initiatives on ease of doing business.
World Bank chief Jim Yong Kim has always seen India as a superpower and has specialty liked several of the schemes of PM Modi.In 2017, praising GST Kim had said “There’s been a deceleration in the first quarter, but we think that’s mostly due to temporary disruptions in preparation for the GST, which by the way is going to have a hugely positive impact on the economy. We think that the recent slowdown is an aberration which will correct in the coming months, and the GDP growth will stabilise during the year. We’ve been watching carefully, as Prime Minister (Narendra) Modi has really worked on improving the business environment, and so, we think all of those efforts will pay off as well”.
Earlier the World Bank praised GST and taxing reforms under PM Modi saying “India made starting a business easier by fully integrating multiple application forms into a general incorporation form. India also replaced the value added tax with the GST (Goods and Services Tax) for which the registration process is faster. At the same time, Mumbai abolished the practice of site inspections for registering companies under the Shops and Establishments Act. India made paying taxes easier by replacing many indirect taxes with a single indirect tax, the GST, for the entire country. India also made paying taxes less costly by reducing the corporate income tax rate and the employees’ provident funds scheme rate paid by the employer”.
Railway Minister Piyush Goyal said that in just four years India is in the top 80 and assured saying ” I have full confidence that by the end of the fifth year, we will be among the top 50 in the Ease of Ease of Doing Business rankings”.
- India ranked 77th position in Ease of Doing Business! Under Chaiwala PM, India jumped from 142nd position to 77th in just 4 years