With an aim to further improve ease of doing ranking of India, the Narendra Modigovernment is mulling changes in arbitration law. The central government is likely to come up with amendments in legislation which its said will invite more international entities. According to the World Bank’s latest annual Ease of Doing Business report, India now ranks 100th among 190 countries. Last year it was placed at 130th spot. India Inc had said the improved performance will boost investor sentiment, even as the industry believes a “lot more needs to be done” on the reforms front. Earlier, a panel set up to suggest changes in arbitration law proposed formation of a promotion council and a dedicated band of lawyers to contest such cases, according to reports.
The annual ranking of Ease of Doing Business is topped by New Zealand with 86.55 points, followed by Singapore, Denmark, South Korea and Hong Kong, which is now under the control of China. The US and the UK are ranked 6th and 7th respectively. Among BRICS countries, Russia tops the list on the 35th position, followed by China which has retained its ranking at the 78th place for the second consecutive year. Brazil, despite improvement in its score, is now at 125th place.