India has, for the first time ever, recorded a big jump of 30 notches in global ranking, to hit a 100, in the World Bank’s Ease of Doing Business 2018, which has given a big thumbs up to India’s reforms.
Moody’s Investors Service has upgraded India’s sovereign rating for the first time since 2004, by one notch to BAA2 from BAA3, citing continued progress in the nation’s economic and institutional reforms.
There have indeed been several seismic changes –demonetization and digitization for transparency in transactions, GST for a uniform countrywide tax regime creating a huge seamless market of 1.3 billion people, Insolvency and Bankruptcy Code to resolve stressed assets and smooth exit. Apart from major structural changes- the only major country to undertake as commented in the World Bank’s report, fuller impact of which will be reflected in subsequent rankings, there have been huge changes in regulations and procedures, shredding red-tape, providing on-line approvals etc. States where a number of approvals are needed for business are also vying with one another to liberalize their own regimes. Government has infused a massive INR 9 trillion funds to give a major boost to country-wide roads & highways network and to re-capitalize Banks, which all have helped in boosting economy. Read More