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While India’s “massive jump” in World Bank’s ease of doing business rankings demonstrates political will to reform, the country needs to do more to improve enforcement of contracts and fast-track construction permits, according to NITI Aayog chief Amitabh Kant.
“India fares very badly in enforcement of contracts,” Kant told BloombergQuint in an interview. Commercial cases take around 4.5 years to be settled and there are way too many adjournments, he added.
Kant also said that getting construction permits, specifically in Mumbai and Delhi, is a “nightmare”.
The chief executive officer of government think-tank NITI Aayog said that if India’s current pace of reforms continue, it could crack into the top 50 in the next two years. That will attract "greater investments" and result in better jobs, and creation of wealth, he added.
For Biocon chief Kiran Mazumdar Shaw, low-hanging fruits like e-governance and online models will help improve rankings.
Shubhada Rao, chief economist at Yes Bank said that while land and labour reforms remain unfinished business, incorporation of the benefits of the Goods and Services Tax could have strengthened India’s position further.
(This article was published in BloombergQuint and has been republished with permission.)
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