Govt’s efforts have paid off: Niti Aayog’s Rajiv Kumar on rise in Doing Business ranking

Oct 31, 2017 10:53 PM IST | Source: CNBC-TV18

Speaking to CNBC-TV18, Kumar said it was clear that the government had accepted ease of doing business as a challenge.

Niti Aayog Vice Chairman Rajiv Kumar on Tuesday said the government’s efforts had paid off after India jumped 30 places to break into the top 100 of the Doing Business rankings.

“The government’s work speaks for itself and it has spoken,” said Kumar in an interview with CNBC-TV 18. “It is very clear that the government accepted the ease of doing business as a challenge… and for the first time, also brought all the states on board.”

“I suppose that this will finally turn around the investment sentiment, even for our recalcitrant domestic investors,” he added.

With reference towards India’s rise in rankings towards the ease of credit improvement rating, Kumar stated that the people availing from institutions such as private banks and even the bond market have also reported positively. He also the credit available to the small and medium enterprises has improved significantly under the Mudra scheme.

Also, the fact that 300 million accounts have been linked to the formal banking system by the Jan Dhan scheme has also made it possible for these households to avail credit. he said.

On the improved ranking for tackling insolvency, Kumar said,“The solvency law has just come into effect and the insolvency will be far better. The numbers not only capture the intent, but capture the reality on ground.”

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