Prime Minister Narendra Modi disproved Congress criticism of the improvement in India's ease of doing business ranking saying those who worked with World Bank are now raising doubts over its ranking.
At an 'Ease of Doing Business' event here, he hardsold India as an investment destination saying ranking will improve further when the impact of the GST and all reforms are accounted for.
"If reforms like Insolvency and Bankruptcy Code and commercial courts would have taken place during their times, the rating would have improved earlier," he said without naming anyone.
"I am a Prime Minister who hasn't even seen the World Bank building whereas those running World Bank used to be in this position," he said in oblique reference to his predecessor Manmohan Singh.
The GST, he said, is the biggest tax reform and will have in "moving towards a modern tax regime, which is transparent, stable and predictable" that facilitates business.
"India has reached a position from where, now it is easier to improve further. Our efforts have gathered momentum. In management terms, we have achieved critical mass for a swift takeoff," he said.
"Over the last three years, the Union Government has done a lot on these fronts. We have resolved a number of regulatory and policy issues facing businesses and companies," he said.
"Over the last three years, I have been constantly telling the domestic and foreign investor community that we in India are making sincere efforts to improve 'ease of doing business'. And Friends! India has Walked the Talk".
The Prime Minister said his government's moto is "reform, perform and transform."
World Bank, The multilateral development bank, which recently released its ease of business ranking putting India at the 100th place - a 30-notch jump over the previous ranking - also praised the government’s efforts to improve the business climate of the country.
World Bank CEO Kristalina Georgieva said a jump of this nature is “very rare since the beginning of the survey 15 year ago”. “It is particularly rare when we talk about size of India. I understand that in a cricket-loving nation hitting a century is a very important milestone,” she said.
Speaking at an event organised by the commerce ministry here on Saturday, Georgieva said high-level ownership and championship of reforms is critical for success. “We have learnt that in reforms what pays off is persistence...what we are recognising in India is that this success today is to be turned into more energy in reforms for the future.”
“We know that there is a very strong condition that extreme poverty would be history in India. The target date that was set 2026, I understand that the Prime Minister intends to shorten to 2022. Given the track record so far, I have no doubt that would be possible. And, I have no doubt that when India hits another century, the century of independence in 2047, most people in India would be the part of global middle class. India will be a high middle income country,” she said.