India leapfrogged to the 77th rank in the World Bank's latest Ease of Doing Business rankings, jumping 23 notches from last year
Prime Minister Narendra Modi will oversee India's progress on being a business friendly destination, setting a plan to break into the list of 50 countries in the World Bank's Ease of Doing Business report.
"The Prime Minister will personally review each and every department (ministries') progress to break into the top 50 slot next year," a senior government official told Moneycontrol.
In a brainstorming session with Finance Minister Arun Jaitley, Commerce and Industry Minister Suresh Prabhu, senior government officials and top industrialists, Modi on November 19 demonstrated the government's intent to turn India into world's most preferred business destination.
Industrialists such as Anand Mahindra, Sunil Bharti Mittal, RK Goenka and Soumitra Bhattacharya were present at the meeting.
The Prime Minister also launched Ease of Doing Business Grand Challenge and invited innovative ideas based on artificial intelligence, internet of things,big data analytics, blockchain and other cutting edge technology to reform government processes.
India leapfrogged to the 77th rank in the World Bank's latest Ease of Doing Business rankings, jumping 23 notches from last year.
The report, released last month, also recognised India as one of the top 10 countries which showed improvement in this year's assessment, for the second successive time. India is the only large country this year to have achieved this feat.
The jump is significant, as it comes after last year’s 30-rung climb when India moved into the top 100 rankings among 190 countries.
India has improved its rank by 53 positions in the last two years, and 65 positions in the last four years (2014-18).
Industrialists present at the meeting pointed out that teething procedures need to be ironed out for India to improve its ranking.
The participants in the meeting also discussed about improvement in India's ranking on parameters such as enforcing contracts and paying taxes.
Modi also said progress has been made in the MSME sector, such as approval for loans upto Rs 1 crore in 59 minutes.
He said that the aim is to make India a 5 trillion dollar economy in the shortest possible time and for this, improvement is necessary in every sector of the economy.At the recently held Moneycontrol Wealth Creator Awards, Prabhu said that that he is confident that India will break into the top 50 countries in the next fiscal. (Read More)The Great Diwali Discount!
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