After India climbed in the World Bank's ease of doing business global rankings, Amitabh Kant, chief executive officer, NITI Aayog, on Wednesday said country can reach top 50 on index by next year.
India improved its ranking on the World Bank's 'ease of doing business' report for the second straight year, jumping 23 places to the 77th position on the back of reforms related to insolvency, taxation and other areas.
Last year, India was ranked 100th in the World Bank's Doing Business report. In its annual 'Doing Business' 2019 report, World Bank said India improved its rank on six out of the 10 parameters relating to starting and doing business in a country.
Kant said it's a remarkable achievement and the credit goes to the entire team of Department of Industrial Policy and Promotion (DIPP).
"To my mind. this is a big jump forward. We have done extremely well in getting credit, electricity and protecting minority interest. We have jumped up in construction permit also. But, we need to make up on enforcement of contracts, registering property and on starting business, where we have moved a little bit but need a big jump," Kant said to CNBC-TV18.
"This improvement in ranking shows the determination of the government that brought in major transformation through use of digital technology and doing away with human intervention in many places, improving processes and procedures, bringing in new laws and has also demonstrated the ability to bring in structural reforms like GST, insolvency code, RERA," he added.