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Thu | 02 May 2019 | 4:41 PM

India and the Ease of Doing Business

  • Arun Jaitley

The World Bank each year, in the month of October, announces its rankings on the ‘Ease of Doing Business’ for the next year. The performance of each nation is taken into consideration with the 1

India under UPA

was a reverse flight of capital from India by the investors.

The NDA performance

The Prime Minister in 2014 itself announced that the Government’s objective was to ensure that India should be amongst the first fifty nations in the ‘Ease of Doing Business’. His call seemed to be a tall promise since India had to move up 92 positions. Amongst the top nations, in each of the ten categories, the competition is extremely tough and many countries with specific changes move ahead. Changes required a legislation, regulation, policy decisions and administrative reforms. They involved technical innovations. Moving up 92 positions is a daunting task. Not many were optimistic. They regarded it as an unachievable goal.

ow looks plausible.

The upgrade of specifics

0 from an all time high of 146.

After the enactment and implementation of the GST and the Insolvency and Bankruptcy Code, we have improved in ‘Payment of Taxes’ by 37 positions but are still at 121. In ‘Resolving Insolvency’, we have improved 29 positions but are still at 108. On ‘Enforcement of Contracts’, we have improved 23 positions but are still at 163.

The road for next year

On ‘Payment of Taxes’ and ‘Resolving Insolvency’, the GST and the NCLT, mechanisms are in place. Early results seem to be quite encouraging and when this full year’s performance is taken into consideration, it would be logical to assume that we will move up significantly in these two categories. Similarly, on ‘Enforcement of Contracts’, the Specific Relief Act has been amended

required in these areas.

and a purpose oriented Government could have achieved this.

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