PM mocks those ridiculing jump in ease of doing business ranking

Employees work inside a garment factory in Mumbai India

India jumped 30 places to rank 100th in the World Bank's "ease of doing business" ranking, helped by a slew of reforms in taxation, licensing, investor protection and bankruptcy resolution.

This reform plus others that have already happened but need gestation and stabilisation time before they are taken into account by the World Bank, will improve the ranking, he said.

'They didn't do anything, and now the one who is doing something is being questioned.

"From 2004, when World Bank rankings were started, to 2014, whose government was in place?"

"Main aisa PM hoon jisne World Bank ki building bhi nahi dekhi hai, jabki pehle World Bank ko chalane wale log yahan baitha karte they (I am a PM who has not even seen the World Bank building whereas those running the World Bank used to run this country before)", he added sarcastically.

In his early career, former Prime Minister Manmohan Singh was associated with an IMF-World Bank institution.

He said that when the government made a decision to bring GST, people were unsure about its implementation.

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"In the next two year's time India will definitely be in top 50 and in three years we should really target India to be in top 20 and this is doable because of the reforms that have been carried out since three years", Kant said in an interview to a news channel. The past mindset of excessive control should be replaced with minimum government maximum governance. We have abolished 1,200 archaic laws.

"In reforms what pays off is persistence, what we are seeing is an extraordinary achievement by India", said Georgieva. "This report has not taken into account implementation of Goods and Services Tax".

He listed out the reforms initiated by his government, saying India is swiftly changing for the better.

While speaking at "India's Business Reforms" session in the national capital, the Prime Minister said if the United Progressive Alliance (UPA) government would have done some work when they were in power, then India would have achieved this milestone long back. As per the 2018 version of the Ease of Doing Business index, India has been amongst the world's top ten improvers worldwide and a leading regional reformer. The Prime Minister said that with GST, India is moving towards a modern tax regime which is transparent, stable and predictable. We reformed FDI in 21 sectors.

Modi thanked the World Bank CEO and said "The World Bank has recognised our efforts".

November 5 (ANI): Federation of Indian Chambers of Commerce and Industry (FICCI) President Pankaj Patel opined that the Centre should consider reforms in the area of regulators, as they would have a significant impact on cost as well as ease of doing business.

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