The ‘Ease of Doing Business’ rankings were released on Tuesday, and the Narendra Modi government couldn’t rejoice more. India has finally joined the top 100 countries on the list. Renowned businessman Sanjay Dalmia has congratulated the government on this remarkable feat in the path of making India emerge as a global superpower, and stated that the feat has been possible only because of strict economic reforms undertaken by the government.
According to the report, India has moved into the top 100 in the World Bank’s ‘Ease of Doing Business’ (EODB) global rankings from last year’s 130. The rankings are a happy sign, as they prove that doing business in India is much easier now than before, thanks to the economic policies that the incumbent government has initiated since 2014.
Sanjay Dalmia believes that this is a positive report for a government fighting incessant attacks from the Opposition and senior BJP leaders on the negative impacts the demonetization and a hasty rollout of GST. “People have a different perception about the (economic) policies rolled out by the government. I sincerely hope that it (the report) helps people realize that the government is working on the right track,” said Mr Sanjay Dalmia. “The measures (taken by the government) will make sure that India is recognized across the globe as a power to reckon with,” he added.
The report also lists India as one of the top 10 improvers in this year’s assessment, as it implemented 8 out of 10 reforms in ‘Doing business’ indicators. India has improved over last year on eight indicators. The 10 indicators are: starting a business; dealing with construction permits; getting credit; registration of property; getting electricity; protecting minority investors; paying taxes; trading across borders; enforcing contracts and resolving insolvency.
According to Mr Sanjay Dalmia, several factors have contributed in the improvement in India’s ranking. These factors include faster permits for construction, combining the application for the Permanent Account Number (PAN) and the Tax Account Number (TAN) into a single submission, reduction in the time needed to complete the applications for Employee’s Provident Fund Organization (EPFO) and the Employee’s State Insurance Corporation (ESIC).
“Reduction in export and import border compliance costs and improved access to credit is also one of the major contributors. Moreover, the establishment of debt recovery tribunals reduced non-performing loans by 28% and lowered interest rates on larger loans have facilitated faster processing of debt recovery. All this has indeed made running business much easier than it was 5 years ago,” stated Sanjay Dalmia.
You can also watch Mr. Sanjay Dalmia life story and his success.