Saturday March 23, 2019
Home Uncategorized We hope that ...

We hope that India will be among top 100 in ease of doing business: Sinha

0
//
Picture Courtesy:-www.financialexpress.com

New Delhi: India will be among the top 100 countries in the World Bank’s list of ease of doing business ranking next year, Minister of State for Finance Jayant Sinha said on Monday.

We are very hopeful that next year when ease of doing business ranking comes we will have moved from 130 to being in top 100,

Sinha expressed his hopes for India’s position in the World Bank’s list of ease of doing business when he was delivering his speech in Karur Vysya Bank – Dun & Bradstreet SME Business Excellence Awards 2015 function in New Delhi.

“We have moved up 12 ranks in the ease of doing business… ” This ranking was based on may 2015 and many of the important initiatives that we have taken are only now starting to bear fruits.

The World Bank in a report released last month ranked India 130 out of 189 countries in the ease of doing business, moving up 12 places from last year.

Speaking to reporters here earlier in the day, Sinha said a high-powered committee to suggest a revenue-neutral rate for the proposed goods and services tax (GST) will submit its report in the first week of December.

We just had a consultation with the chief economic adviser and his committee that has been studying the question of revenue neutral rate. They have pulled together a lot of data from many different sources,

Sinha also said the government was in continuous talks with the opposition parties on the proposed GST Bill.

We have finalized the parameters that will be necessary to establish the rates. That is now being looked at. We will have something by the first week of December.

The constitution amendment bill for GST has been passed by the Lok Sabha and is pending in Rajya Sabha where the ruling NDA does not have the majority.

We are trying to talk with them (opposition) about all the aspects of GST. We all recognize how important this is for the economy for all of India so we are in continuous discussion to see what we can do to get it passed in the winter session,

The minister said the actual rate of GST is to be set not by a constitutional amendment but by the GST bill.

Of course we have had some input that there should be a rate that is fixed by the constitution amendment itself. So that is an item under discussion, but as of now our view is that it should be in the GST bill and not in a constitutional amendment,

The Rajya Sabha Select Committee has suggested that the GST rate should not go beyond 20 percent as higher rates could fuel inflationary tendencies.

(Inputs from IANS)

Next Story

World Bank to Help Sri-Lankan Farmers Improve Productivity and Tackle Climate Change

The project will ensure that all farmers obtain adequate access to training and research

0
world bank, sri lanka
The project will ensure that all farmers obtain adequate access to training and research. Wikimedia

The World Bank on Monday approved a $125 million loan for Sri Lanka to help small farmers improve productivity and tackle climate change.

The programme will benefit more than 470,000 small farmers in six provinces in the dry zone of the country, selected for being most exposed to climate impacts, the World Bank said in a statement cited by Xinhua news agency.

Sri Lanka is particularly vulnerable to climate-related natural disasters such as floods and droughts with hundreds of people killed in recent years, the report said.

farmers, sri lanka, world bank
Sri Lanka is particularly vulnerable to climate-related natural disasters such as floods and droughts with hundreds of people killed in recent years, the report said. Pixabay

“Innovation, including the introduction of improved crop varieties, cropping patterns, water resources management, among others, can help farmers adapt to changing climate and improve their incomes and livelihoods,” said World Bank Country Director for Maldives, Nepal and Sri Lanka Idah Z. Pswarayi-Riddihough.

ALSO READ: Ethiopia to Renew Safety Questions After Devastating Plane Crash

The project will ensure that all farmers obtain adequate access to training and research.

Sri Lanka’s agriculture is one of the worst-affected sectors by climate change. Agriculture contributes about 7.7 per cent to the country’s economy and employs 27 per cent of the population. (IANS)