India has reached 77th position among 190 countries in World Bank’s Ease of Doing Business ranking. This is India’s second big jump in a row and marks a huge step forward in government’s efforts to ease processes, project a business-friendly environment, and draw in foreign investment.
India has also become the highest ranked economy in South Asia.
New Zealand, Singapore, and Denmark secured the first three ranks in the 190-country list, while Afghanistan made a huge progress among South-Asian countries besides India.
India surge into greater progress since the new Prime Minister Narendra Modi came to office, previously India stood at a 142nd position. But here in Nigeria, we have lost all our good index to a poverty-stricken economy since President Mohammadu Buhari came into office.
The Union Finance Minister Arun Jaitley said,
Implementation of Goods and Services Tax (GST), Insolvency and Bankruptcy Code (IBC), labour laws reforms and electronic trade documentation, were among the several big and small reforms that helped India jump several places.
“India made paying taxes easier by replacing many indirect taxes with a single indirect tax, the Goods and Services Tax for the entire country,”