New Delhi, Oct 24 (IECurrentAffairs) Buoyed by India’s jump of 14 places and reaching at the 63rd place on the World Bank’s ease of doing business ranking, Union Finance Minister Nirmala Sitharaman on Thursday said the government will further simplify Goods and Services Tax, and expressed hope that it will help in further improving India’s ranking.
Implementation of Insolvency and Bankruptcy Code (IBC) has helped in improving India’s business ranking, she said.
Ms Sitharaman said starting next year, Kolkata and Bengaluru will also be surveyed for India’s Ease Of Doing Business as against two at present.
”We have been impressing on the World Bank that taking only two cities — Mumbai and Delhi — in a diverse country is not ok and I am happy to inform that now Kolkata and Bangalore will also be included,” she stated.
The minister said there has been improvement in rank in 7 out of the 10 indicators in World Bank rankings and expressed hope that ”our aim will now be to reach top 50” in the ease of doing business ranking index.
States too will have to make efforts in improving the business climate in India, especially with regard to property registration, she stated.
India is recognised among top 10 improvers for the third consecutive year, according to report released this morning.
This is the highest improvement in 3 years by any large country since 2011, she said in a press
Ms Sitharaman said on ranking of insolvency, India have improved to 52nd place.
”Starting a business is a very critical point, we have improved only by 1 rank. We’ll make efforts to improve our ranking on ‘starting a business,” she maintained.
India stands tall as rank one among South Asian countries compared to 6th rank in 2014, the minister said.
India has made major headway in three categories — Resolving Insolvency, Construction Permits and Trading Across Borders.
The government is looking at glitches in online filing of GST returns, Ms Sitharaman stated in reply to a query.