The ‘Ease of Doing Business’ ranking of 2017 brought much joy to the Narendra Modi government. India is finally among the top 100 countries on the list. Renowned philanthropist and industrialist Sanjay Dalmia congratulated the government on this remarkable achievement.
He said that this is an important step in the path of making India emerge as a global superpower, and that the feat has been possible only because of strict economic reforms undertaken by the government.
India moved to the top 100 in the World Bank’s ‘Ease of Doing Business’ (EODB) global rankings from last year’s 130. A happy sign for the government, the rankings prove that doing business in India is much easier now than before, owing to the economic policies that the incumbent government initiated in 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. “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 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 had also listed India among the top 10 imp-rovers in 2017 assessment due to its implementation of 8 out of 10 reforms in ‘Doing Business’ indicators. The 10 indicators include: 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.
Sanjay Dalmia is of the opinion that the improvement in India’s ranking is the resultant of several contributing factors. Faster permits for construction, lesser time needed to complete the applications for Employee’s Provident Fund Organization (EPFO) and the Employee’s State Insurance Corporation (ESIC), and combining the application for the Permanent Account Number (PAN) and the Tax Account Number (TAN) into a single submission form majority of these factors.
“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,” said Sanjay Dalmia.