It is not a new a thing for the Prime Minister Mr Narendra Modi to get praises from international organisations and global leaders. And this time, the chief of World Bank group Mr Jim Yong Kim has praised PM Modi, that too by writing an lengthy article.
The letter basically covered topics on economic policies and how a platform was set to carry out business in India. He was really happy and proud to say how in a matter of just 4 years PM Modi rapidly increased India’s ranking in Ease of Doing Business.
Praising several of the business regulations implemented by PM Modi, Mr Jim Yong Kim said that the entrepreneurs are provided with all the facilities in a very quick time, for example electricity connection is provided in half the time.
Appreciating the measures taken by PM Modi, the World Bank group president Jim Yong Kim said “Few world leaders have taken business regulation reforms as seriously as Prime Minister Narendra Modi. I first met Prime Minister Modi in October 2014, just days before that year’s Doing Business report was published. India ranked 142nd among 189 countries that year. One stark example of the difficulty of starting and running a business in India: an entrepreneur that wanted access to electricity had to go through 7 official procedures that took over 100 days and cost nearly 5 times the country’s per capita income”.
Impressed by India’s growth in business sector, Mr Jim Yong Kim added that “Prime Minister Modi was dismayed at India’s position. He shared his vision for achieving a top 50 ranking and asked the World Bank Group to provide knowledge and advisory support to help make that vision a reality”.
Praising the improvements in the field of construction, Mr Jim Yong Kim said “In 2016, India ranked 185th in the world in dealing with construction permits; today the country ranks 52nd. One assistant engineer reported that he was able to correct an issue with inaccurately-deposited fees in 20 minutes. The process used to take 5 working days”.
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