Underlining that India needs “transformative reforms” to boost its economy, the World Bank said the country has witnessed “fast-paced” reforms in past two years with the government encouraging digitization, streamlining electricity supply and supporting manufacturing. As a result of the election platform-driven reform agenda, over the past two years the ‘Doing Business’ report has served as an effective tool to design and implement business regulatory reforms. The World Bank said India has achieved significant reductions in the time and cost to provide electricity to businesses, has made paying taxes easier by introducing an electronic system for paying employee state insurance contributions, and an Integrated Risk Management System has become fully operational and ensured that all the consignments are selected based on the principles of risk management.

(NDTV)