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Modi hails improvement in global ease of doing business ranking

The World Bank said political risks are wide-ranging

The report, which ranks New Zealand, Singapore and Denmark as the easiest countries in the world to do business in, ranked China at 78, which is 22 spots above India.

"The hurriedly convened press conference by the Finance Minister to seek manufactured relevance from the World Bank report was evidence of the actual distance from ground realities and suffering of people of India", Surjewala said in a statement.

In the World Bank's "Doing Business" 2017 report, India's place remained unchanged from last year's original ranking of 130 among the 190 economies that were assessed on various parameters. India had climbed just one place from the previous year in 2016. Jailtey mentioned that GST will be factored in the ease of doing business ranking, which will further improve the ranking ahead.

"Historic jump in "Ease of Doing Business" rankings is the outcome of the all-round & multi-sectoral reform push of Team India. It is a clear signal that not only has the country been open for business but it is also competing for the preferred place for doing business", said Annette Dixon, vice-president, South Asia region, World Bank. In Mumbai, starting a business was made faster by merging the applications value-added tax and the Profession Tax (PT). "We are going to request states to expedite municipal permits", the finance minister said. It takes 30 days now to register a new business, down from 127 days 15 years ago, but "the number of procedures is still cumbersome for local entrepreneurs who still need to go through 12 procedures", it said. Since June 1 is the cut off date for ranking economies on the basis of 10 specified parameters, GST implementation was not factored in this year.

The Congress leader noted that private investment is in "dire" straits, "Make in India" is "completely floundering", exports are plunging, credit growth is at a 63-year-old low and inequality is highest in 100 years.

In its annual report "Doing Business 2018: Reforming to Create Jobs", the World Bank said that India's ranking reflects almost half of the 37 reforms, adopted since 2003, implemented in the last four years.

Resolving Insolvency: India made resolving insolvency easier by adopting a new insolvency and bankruptcy code that introduced a reorganization procedure for corporate debtors and facilitated continuation of the debtor's business during insolvency proceedings. "Forget "Ease", where is the "Business", Modi ji?", Surjewala tweeted.

"CII is confident that on the back of GST and other reforms that are planned, India would see an equally impressive improvement next year".