India is now ranked at 130th among 190 economies by the World Bank.
Implementation of the Insolvency and Bankruptcy code would improve the ranking further. It is also expected that the goods and services tax will help make significant improvement in India's ranking next year, he said.
Going ahead, President, PHD Chamber, Dr. Mahesh Gupta suggested that the Government must focus on the reforms in labour laws and decriminalization of businesses as stringent labour laws are a major roadblock to enhance production possibility frontiers and employment generation in the economy.
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