New Delhi, Nov 1 (PTI) Industry body CII Thursday said the country needs to focus on areas like ‘registering property’ and ‘enforcing contracts’ to get even better ranking in the World bank’s ease of doing business index in the coming years.
“CII looks forward to continued momentum of reforms, especially, in areas such as registering property and enforcing contracts, among others, where India needs to catch up,” the chamber’s President Rakesh Bharti Mittal said in a statement.
According to the World bank’s doing business report 2019 based on 10 parameters, India climbed 23 points to 77th place.
However, India’s position declined on four parameters — protecting minority rights (7), paying taxes (121), registering property (166), and resolving insolvency (108) — compared to the last year. In enforcing contracts, India’s ranking improved by just one notch to 163.
The improvement in the ranking is an achievement and was expected due to the transformational reforms introduced by the government over the last year, Mittal said.
The revised position, he said, will add to the investment attractiveness and competitiveness of the Indian economy.
“The overall jump in the country’s position is led by improvement in several indicators of ease of doing business, including dealing with construction permits, trading across border, and starting a business,” he added.
He also said that the latest doing business ranking is testimony to the continuously improving business climate in India, which augurs well for new investments in the country.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]