India is expecting an improvement in its ranking in the World Bank’s ease of doing business index as the multi-lateral lending agency would take into account implementation of GST and the new insolvency provisions, a government official said. The World Bank is expected to come out with its next report in October or November.
“This year, we are bullish on three major areas including measures to improve trading across borders, implementation of Goods and Services Tax (GST) and insolvency provisions,” the official said.
In its last report, India jumped 30 places to rank 100th in the World Bank’s ‘ease of doing business’ ranking.
With June 2017 as cut-off for assessing business environment, last year’s ranking does not take into account the reform of GST, which implemented in July last year.
This year, the commerce and industry ministry is expecting improvement in three parameters – paying taxes, trade across borders, and resolving insolvency.
Following the enactment of the insolvency and bankruptcy code, as many as 118 cases under corporate insolvency resolution process concluded with orders for liquidation as on May 31. Total admitted claims in these cases are Rs 58,653.22 crore.
Source: Money Control