Investor sentiment to improve, says India Inc

New Delhi: Cheered by the country’s 30-notch jump to 100th in the World Bank’s ease of doing business ranking, India Inc on Tuesday said the improved performance will boost investor sentiment, even as the industry believes a “lot more needs to be done” on the reforms front.

India has been ranked 100th among 190 countries and territories in the report released by the World Bank on Tuesday.

This, however, does not reflect the latest GST, whose results could be reflected only in next year’s ease of doing business’ report. Last year, India was ranked 130th.

“India’s climb up in ease of doing index comes on the back of several bold reform measures including Goods and Services Tax, Insolvency and Bankruptcy Code, digital drive and involvement of states in faster clearance of projects.

“However, a lot more needs to be done and the effort in further scaling up of ease of doing should continue,” Assocham said.

India registered reforms in eight of the 10 areas of the report, which in itself is a record. While China continues to be ahead of India, but this year the gap between the two countries has narrowed down.

The report notes that India has adopted 37 reforms since 2003. Nearly half of these reforms have been implemented in the last four years. 

“The huge improvement in ranking and score will immediately boost investor sentiments. The report validates the commitment of the government to fast-tracking economic reforms, addressing red tape and facilitating business, which it has undertaken in mission mode over the last three years,” CII director general Chandrajit Banerjee said.