There’s good news for Indians! According to a World Bank Report, India may move up to 30 positions to rank 100th among the 190 countries which are monitored by the World Bank for doing Businesses.
The report is expected to be released on the 31st of October.
So why is there such a positive sentiment in the business scenario?
Last year India’s ranking was as low as 155 which was not a good picture for a booming Indian economy. This low rank invigorated India to act towards taking some productive steps to improve the ranking and improve the reforms.
The main areas which have been instrumental in improving India’s ranking are
Starting a business
Handling construction permits
Protecting minority investors
India ranked among the top 50 countries in the 3 parameters such as 13th in protecting minority investors, 26th in electricity and 44th number in getting credit. However it ranked miserably in dealing with construction permits, solving insolvency and paying taxes.
This was proving a major hindrance in improving the Business ranking of India.
After taking over the Prime Minister in the year 2014 Mr.Modi was keen on improving India’s Business Rankings and has soon made this as a top priority. India is already on a growth momentum and if it maintains this stance throughout it could well jump up to the double digit ranks till the next year.
Policies regarding the same have been carried out by the Modi Government and some crucial reforms have been introduced to have a shot at improving our business rankings.
There are as follows
Improved laws on bankruptcy
Reforms to weed out the black money
Introducing a single levy tax known as the Goods and Services Tax (GST)
Other reasons why India can leap up to the 30 notches higher
Policy makers are optimistic of the fact that the GDP will grow at the rate of 8% owing to the government’s various reforms, recapitalization of banks and infrastructure.
Structural reforms are going to be a game changer with the economy already on the growth track
Recapitalization initiative by the government
Investment in the railways sector which will create close to a million jobs
The Modi Government seeks to improve the labour reforms which have been India’s biggest challenges.
It will be a great driver for employment and smoothen out the various labour reforms which are the need of the hour.
This is directly proportional because unless India does not do good business it won’t create jobs which can be hazardous for the overall growth of the economy.
The policies undertaken by the Government have been extremely compelling and will help in the medium and the long term growth prospects of the country. The successful implementation of the GST has emerged as the big boss which will help to give a big boost to the business sentiment in the country ultimately making its way to the top ranks.