Arun Jaitley Is Worst Finance Minister In India's History, Says Congress

India ranked 130 out of 190 countries on the World Bank's'ease of doing business list

"This sends a huge message to the entire investor community", said Ramesh Abhishek, secretary, Department of Industrial Policy and Promotion (DIPP). Jaitley said the government was seriously taking up the 3-4 issues where India still lags behind so that in next 1-2 years there is an improvement of 20-30 points in the ranking.

The World Bank's Ease of Doing Business index ranks the nation based on the 10 indicators.

A statement issued by his spokesman, Femi Adesina, in Abuja, on Tuesday, noted that besides moving up 24 places in the rankings, Nigeria is also reported by the World Bank to be among the Top 10 Reformers globally.

"India performs well in the areas of protecting minority investors, getting credit and getting electricity".

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The World Bank considers a reform only when it becomes operational and not when announced. A year ago in 189 countries, we were 172. Equally important is the fact that India's improvement isn't just relative but absolute - on a scale that measure's how close a country is to the best-in-class score, India's score rose from 56.05 to 60.76. The ranking comes as a shot in the arm for the Narendra Modi government amid dissenting voices in certain quarters about implementation of the Goods and Services Tax (GST) as well as demonetisation. In 2015 and 2016, the ranking was 130 and it improved to 100 in 2017.

"India is closing the gap between global best practices". This year we have moved up 53 places.

She also said that GST's impact will be reflected in one to three years as it's fully implemented. After a decade-long decline in Nigeria's rankings, previous year the Government recorded a modest increase. "Consistent effort is required to be in the top 50".

"Today's result is a very clear signal from India to the rest of the world, not only is the country open and ready for business, it's now competing as a preferred place to do business", said Annette Dixon, the World Bank's vice president, South Asia Region. The other two areas are getting electricity and registering property.

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The time to obtain an electricity connection in Delhi has dropped from 138 days four years ago to 45 days now, nearly 20 days less than the 78 days average in Organisation for Economic Co-operation and Development (OECD) high-income economies.

The survey is conducted across major cities in 190 countries around the world.

The World Bank said India needs to do more. The number of procedures was reduced to obtain a building permit by implementing an online system that has streamlined the process at the Municipality of New Delhi and Municipality of Greater Mumbai and helped in saving time.

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