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Shah hails Modi for jump in Indias ease of doing biz rank

Shah hails Modi for jump in Indias ease of doing biz rank

However, he said that India still lag in building construction permits.

According to the World Bank, Beijing and Shanghai performed below worldwide best-practices, with 23 steps and 249 days required to obtain a permit and related costs amounting to 7.8% of the cost of actual construction.

India climbed over 30 places to rank 100th in the World Bank's "Ease of Doing Business" ranking, which was described as "historic jump" by Prime Minister Narendra Modi.

India has risen from 130 to 100th spot in the ranking.

"Predictably, this has sent a chill through the business community and no "ease of doing business" is visible there", he added.

"The hurriedly convened press conference by the finance minister today to seek "manufactured relevance" from the report evidences the actual distance from ground realities and suffering of people of India", he added.

Paying Taxes: India made paying taxes easier by making payment of EPF mandatory electronically and introducing a set of administrative measures easing compliance with corporate income tax. "This is the first year that India is in the top 100 economies globally", it said. We are reinforcing our economic turnaround by a vigorous and active implementation of the Economic Recovery and Growth Plan (ERGP) so businesses operating in Nigeria can thrive and be competitive globally.

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India's state governments should work on reducing burden on courts, engineer land reforms, boost electricity, get construction permits quickly, the report said. On starting a new business, we are now 15.

New Delhi- India for the first time has moved into the top 100 in the World Banks Ease of Doing Business global rankings from its 130th position past year, riding on sustained government reforms which include making tax paying easier, according to the banks latest report released here on Tuesday.

Giving examples, he said India is ranked low at 164th in enforcement of contracts but with arbitration act will help improve this.

"This is the first time that India has climbed so dramatically in the ease of doing business rankings and it sends a message to global investors that the government is committed to slashing India's notorious red tape and rolling out the red carpet for them", Dhume said.

"However, a lot more needs to be done and the effort in further scaling up of ease of doing should continue", Assocham said. "The report validates the commitment of the government to fast-tracking economic reforms, addressing red tape and facilitating business, which it has undertaken in mission mode over the last three years", CII Director General Chandrajit Banerjee said.

The government managed to bring ease in doing business by merging the applications for the Permanent Account Number (PAN) and the Tax Account Number (TAN) and by improving the online application system in New Delhi.

"CII is confident that on the back of GST and other reforms that are planned, India would see an equally impressive improvement next year".