"I am grateful that the World Bank has recognised that India is now becoming an easier place to do business... I believe that this 12 point movement does not reflect the full pace of reforms that we have done," he said.
     
"A large number of steps which we have already taken are going to be reflected in the rankings next year. These rankings are only up to June 1 and some of those steps, whose impact is not seen on the ground, as yet have not been factored into this. But I am sure in the years our ranking will certainly improve."
     
A World Bank report yesterday ranked India at 130 out of 189 country on the ease of doing business, up 12 places from 142nd rank last year.
     
"A forward movement of 12 spots in the ease of doing business by an economy of the size of India is a 'remarkable achievement," World Bank's Chief Economist and Senior Vice President Kaushik Basu said.
     
Jaitley said that in recent days the government has taken a number of steps to further improve the ranking. "I am trying to make the Income Tax Act much simpler. Yesterday I have announced a Committee which will recast some of these provisions."
     
Similarly, there is a committee working on removing complications in the Companies Act.
     
"There is still an area on enforcement of contracts, easier adjudication of disputes... so have brought out an ordinance for a fast-track arbitration procedure," Jaitley said.

 

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