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India can be among World Bank top 50 on doing business: Jaitley
New Delhi, Oct 31 (IANS) With India climbing over 30 places in a few years in the World Bank’s ‘Ease of Doing Business’ global rankings, getting into the top 50 countries is a distinct possibility over the short term, Finance Minister Arun Jaitley said on Tuesday.
“We jumped over 30 places in three years, and as Prime Minister Narendra Modi had said about setting a target to get among the top 50… I believe it is eminently doable,” Jaitley told reporters here following the release of World Bank Group’s latest report ‘Doing Business 2018: Reforming to Create Jobs’.
“In 2014, we were ranked 142, and in the last two years India has gone from 131 to 130,” he said.
India for the first time has moved into the top 100 in the World Bank rankings from its 130th position last year, riding on sustained government reforms which include making tax paying easier, according to the report.
“This is the highest jump any country has made in the ease of doing business rankings and is significant for India for our efforts on the 10 rankings’ criteria,” Jaitley said.
“These 10 parameters are so tough that you don’t get credit for the reforms introduced till you actually see their results on the ground,” he said, adding that the World Bank’s cut-off date for considering performance is June of every year.
Listing the areas which had boosted India’s ranking, Jaitley said that on “protection of minority investors” India had come up to fourth place on account of reforms like bringing in the Companies Act and setting up of the National Company Law Tribunal (NCLT).
The report recognises India as one of the top 10 improvers in this year’s assessment, though the report does not take into account the Goods and Services Tax (GST) rolled out on July 1.
“The biggest jump comes in the area of taxation reforms where we were ranked 172 last year and have moved up 53 places to be at 119 this year,” Jaitley said, adding that India can hope to get credit for GST in the rankings for “subsequent years”.
“India made paying of taxes easier by requiring that payments are made electronically to the Employees Provident Fund and introducing a set of administrative measures for easing compliance with corporate income tax,” the report said.
“India, with eight reforms, was one of this year’s top 10 improvers worldwide and the leading regional performer. This is the first year that India is in the top 100 economies globally,” it added.
The Finance Minister noted that both on “ease of getting credit” and “electricity connections” India has come up to the 29th position this year.
“On resolving insolvency, we were 136… then we brought in the Bankruptcy Code and now we have climbed 33 places to 103rd position,” he said.
While there has been substantial progress, India still lags in areas such as starting a business, enforcing contracts and dealing with construction permits, where there is a lot of work in progress that would help improve rankings further, he added.
“India has moved to 100th position as a result of a number of reforms by the government. India is moving ahead in absolute ranking as well,” Annette Dixon, Vice President, South Asia region, World Bank, told reporters earlier in the day.
–IANS
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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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