New Zealand replaced Singapore as the easiest place for doing business.While the government's focus on improving India's ranking and an overhaul of the Companies Act came in for praise in the report, labour laws were flagged for creating economic distortions even as IFC took note of the plan to overhaul the regime. For instance, the enactment of the Insolvency and Bankruptcy Code was not factored in as the IFC team argued that the law had not been implemented, something that the government now intends to do by December-end. Similarly, it is hoping that GST implementation from April will boost India's ranking at least when it comes to ease of starting business. Asked if it was possible for India to break into the top 50, he said the reforms initiated by the government were aimed at achieving the target, although he did not comment on the timeframe. PM Narendra Modi has set a target of reaching the top 50 by 2017.Abhishek said the government had prepared a strategy and had asked all ministries as well as states to move ahead with the plan.

Source: Times of India October 25, 2016 20:05 UTC