Modi hails jump in India's ranking in ease of doing business

New Delhi: Prime Minister Narendra Modi on Tuesday hailed the jump in India's ranking in 'ease of doing business' and said it was a result of "all-round & multi-sectoral reform push".

He said the government is determined to further improve the rankings and scale greater economic growth with the mantra of 'reform, perform and transform'.

"Historic jump in Ease of Doing Business rankings is the outcome of the all-round & multi-sectoral reform push of Team India," Modi tweeted.

Historic jump in ‘Ease of Doing Business’ rankings is the outcome of the all-round & multi-sectoral reform push of Team India. pic.twitter.com/DhrEcuurgi — Narendra Modi (@narendramodi) October 31, 2017

India has 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.

In its annual report 'Doing Business 2018: Reforming to Create Jobs', the World Bank said that India's ranking reflects nearly half of the 37 reforms, adopted since 2003, implemented in the last four years.

"Over the last 3 years we have seen a spirit of positive competition among states towards making business easier. This has been beneficial," the prime minister said.

Over the last 3 years we have seen a spirit of positive competition among states towards making business easier. This has been beneficial. — Narendra Modi (@narendramodi) October 31, 2017

He said it has never been easier to do business in India.

"India welcomes the world to explore economic opportunities our nation has to offer," Modi said.

"Easier business environment is leading to historic opportunities for our entrepreneurs, particularly MSME sector & bringing more prosperity," he added in another tweet.

Easier business environment is leading to historic opportunities for our entrepreneurs, particularly MSME sector & bringing more prosperity. — Narendra Modi (@narendramodi) October 31, 2017

It has never been easier to do business in India. India welcomes the world to explore economic opportunities our nation has to offer! — Narendra Modi (@narendramodi) October 31, 2017

Guided by the Mantra of ‘Reform, Perform & Transform’ we are determined to further improve our rankings & scale greater economic growth. — Narendra Modi (@narendramodi) October 31, 2017

"Guided by the Mantra of Reform, Perform & Transform we are determined to further improve our rankings & scale greater economic growth," Modi said.

India, which was ranked 142nd when the Narendra Modi government took office in 2014 and 130th last year, is the only large country this year to have achieved such a significant shift on the back of reforms in taxation, construction permits, investor protection and bankruptcy resolution.

With June as cut-off for assessing business environment, the ranking does not take into account the landmark reform of Goods and Services Tax (GST), which from July 1 weaved the country of 1.3 billion into one market with one tax and removed inter-state barriers for trade. Also, demonetisation has not been covered in the report.

The ranking comes as a shot in the arm for the government that has been battling dissenting voices against the way GST was implemented and growth being hit, although temporarily, due to demonetisation of higher denomination currency.

With Agency Inputs