The World Bank report has brought good news among the worrisome trends about the pace of India’s economy after the currency ban and GST implementation. In the World Bank’s ease of Doing Business Index, India has reached the 100th position with a long jump of 30 places. This is the first time that India has made such a long jump. If experts believe that improvement in India’s ranking in terms of doing business will benefit many sectors.
Nisha Desai Biswal, the new president of the US-India Business Council (USIBC), termed India’s position in the World Bank’s easy accessibility ranking as important. He said that this would help in attracting more foreign direct investment (FDI) to India.
PTI told Nisha Biswal that this is an important step and it is a very important barometer to grow in the right direction of India. It is going to be a medium that will attract more foreign investment. “The World Bank has placed India in 100th position among 190 countries in its Annual Business Facilitation Report. India was 130th in this index last year.
Biswal said that FDI is like water. It grows on that path where there is minimal resistance. So, the more you reduce the resistance, the more FDI will be faster. Biswal has been the Assistant Secretary of State for the South and Central Asia region of America’s previous Obama administration.
At the same time, Finance Minister Jaitley said that areas like cross-border business etc. are being improved. It is being arranged online for this. Many areas are being worked fast. In the coming days, its positive magnitude will be seen. He said that we are aiming at reaching 50th place in the Isle of Doing Business Index.
