Terming India's jump of 30 spots to 100th rank in the World Bank's 'ease of doing business' ranking as 'phenomenal', Vedanta Group Chief Anil Agarwal today said "game changing reforms" are finally making India a favoured investment destination.
India has jumped 30 places to rank 100th in the World Bank's 'ease of doing business' ranking, helped by a slew of reforms in taxation, licensing, investor protection and bankruptcy resolution.
"The robust rise in India's rankings from 130 to 100 is phenomenal. Game changing reforms by the government are finally bearing fruit, making India one of the most compelling investment destinations globally," metal and mining conglomerate Vedanta Group Chairman Anil Agarwal said.
In its annual report 'Doing Business 2018: Reforming to Create Jobs', the World Bank said that India's ranking reflects nearly half of the 37 reforms, adopted since 2003, implemented in the last four years.
Agarwal said the government has introduced comprehensive measures to simplify and broaden the tax net, enhance transparency and increase the share of manufacturing in the country.
"I believe that the time is also opportune to roll-out reforms in the mineral sector. After all, oil imports forms the majority of Indias forex outflow. The Government can entrust the private sector to boost energy & resources self- sufficiency," he said.
Divestment of large, dormant state enterprises, in phased manner, would unlock value, promote competition and generate huge revenues & employment, the Vedanta Chief said.
"I have no doubt that this is Indias decade. Structural reforms will be instrumental in making it Indias century," Agarwal said.
India, which was ranked 130th among the 190 nations for the last two years, is "one of the top 10 improvers in this year's assessment, having implemented reforms in 8 out of 10 'doing business' indicators," the World Bank report said. This is the first time India has broken into top 100 nations.
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