Industry Reacts To Indias Improvement In Ease Of Doing Business
Enthused by India's 23 notches jump in the World Bank Ease of Doing Business, Industry reacts to India's improvement
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Arun Kumar, Chairman and CEO - KPMG
It is gratifying to see India’s rise in the Ease of Doing Business ranking, by 23 places this year, positioning it among the most improved economies for the second year running. India’s performance on the World Bank’s assessment is a positive sign for foreign investors and is likely to reap benefits in the coming days.
The improvement on the Trading Across Borders indicator of the World Bank’s assessment is particularly noteworthy given India’s Trade Facilitation commitments at the WTO. Trade facilitation measures spur greater integration with the global value chain and help Make in India initiatives. Next year, we should see a sustained improvement on the Paying Taxes indicator as people and technologies gain increasing comfort with the tax regime.
In the BRICS economies, India has overtaken South Africa and Brazil, but will require sustained effort to compete with China and Russia who have a substantial margin over India on the assessment.
Important policy measures that will continue to make a difference for businesses in India are GST and the Insolvency and Bankruptcy Code.
I congratulate the Government of India and the Department of Industrial Policy and Promotion for their impressive achievements in improving the country’s business regulatory climate at the Union level and in stimulating supporting activities in all of India’s states.”
Anshuman Magazine, Chairman — India & South-East Asia, CBRE
Amongst the 190 countries surveyed in World Bank's Doing Business 2019 report, India saw an improvement in its ranking from 100 in 2018 to 77 in 2019, featuring amongst the top ten most improved economies. It is a positive sign for the Indian economy, which continues to progress. The growth comes on the back of constructive reforms like successful implementation of GST, relaxed and streamlined construction permits, ease in starting a business and trading across borders. The improved ranking will help boost investors’ confidence and will be a step forward in ushering the positive momentum in the coming year.
Rajesh Uttamchandani, Director - Syska Group
We are delighted to know that India has jumped 23 notches to 77th rank from the 100th rank in World Bank’s ease of doing business index recorded last year. It’s a reflection of the government’s efforts and commitment to bring economic reforms that harness a healthy environment of investment opportunities and growth for businesses. The government is focused to make India a better place to do business which includes improvement on the grant of construction permits, getting electricity, getting credit, paying taxes, enforcing contracts and resolving insolvency, amongst others. The ease of doing business parameter has also helped foster and accelerate our growth story with Syska group setting up four manufacturing units in various parts of the country within last two years, further aiding employment opportunities in the country."
Javed Tapia, MD - Clover Infotech
“The consistency with which India has been moving up in the “Ease of Doing Business” rankings by the World Bank is commendable. The jump from 130 two years ago to 100 last year and now to 77 bears a strong testimony to the efforts taken by the government to create a very conducive business environment. A jump in the ranking across areas such as ease of foreign trade augurs well for India’s growth into a developed economy. By merging taxes through the implementation of the Goods and Services Tax (GST), India has taken a very positive step towards further enhancing its perception as a great business destination.”