India has made significant improvement in the ease of doing business ranking released by the World Bank. India notched up 30 places into the top 100 rankings thanks to major improvements in indicators such as resolving insolvency, paying taxes, protecting minority investors and getting credit. This is significant achievement and credit for it goes to Prime Minister Narendra Modi and his team. Modi came to office with the promise of fixing economy. However his achievement so far has been minimal. Many accused him of concentrating more on winning state elections than improving economy.
However the latest data made available by World Bank shows that finally government seems to working in right direction. The opposition parties thrashed World Bank report and alleged that ease of doing business has improved only for select industrialists. Congress vice president Rahul Gandhi taunted finance minister Arun Jaitley to meet small traders to know the ground reality. While opposition may have a point but there is no denying that this latest jump in ranking is an incredible achievement. India is a difficult country to govern and who knows it better than PM Modi. Despite having won absolute majority in 2014 parliament election and followed it by winning several important state elections, Modi has not been able to carry out any major economic reforms. This has badly hurt the Indian economy. Therefore the news of India jumping into top 100 countries in ease of doing business category will have positive effect on the economy. Already its effect could be felt as market today ended on a high note.