PHD Chamber hails sharp jump in EODB rankings
Sharp jump in ease of doing business rankings to the level of 77 from 100 is highly inspiring and more than the expectations, said Mr Rajeev Talwar, President, PHD Chamber of Commerce and Industry in a press statement issued here today.The reform measures undertaken by the government have started paying off and fruitful outcomes are visible now, said Mr. Rajeev Talwar.India has improved by 65 spots during the last 4 years from 142nd rank in 2014 to 77th rank in 2018.
We appreciate the work undertaken by the government due to which India is one of the economies to make to the list of top 10 improvers for the second consecutive year, said Mr. Talwar.The improvement in ease of doing business would attract investments in the economy. Foreign investments are expected to increase significantly in the coming times, said Mr. Rajeev Talwar.India is going to become a US$100 billion investment destination in the next very few years, said Mr. Talwar. India attracted US$62 billion in FY2018.
The improvement in World Bank’s Ease of Doing Business rankings has been observed primarily due to significant improvement in dealing with construction permits with improvement of 129 spots from 181th rank in 2017 to 52nd rank in 2018 and Trading across borders with improvement by 66 spots from 146th rank in 2017 to 80th rank in 2018, said Mr Rajeev Talwar.The implementation of GST and Insolvency and Bankruptcy Code along with improvements in registering for new electricity connection, upgradation of port infrastructure, among others have yielded positive results and facilitated the country to improve in various parameters, he said.
Going ahead, given the ongoing reform momentum, we expect India to rank at around 25 on the Ease of Doing Business Index in the next two years