To conclude, yes, things have improved, but it is worth keeping in mind that these improvements are largely limited to two cities. Further, the benefits of some measures like the new insolvency and bankruptcy code are yet to be seen.

And, in the end, the Ease of Doing Business rankings, does not take into account the negative impact that demonetisation had on the economy. It ended up destroying a significant section of the informal economy.

(Vivek Kaul is the author of India’s Big Government—The Intrusive State and How It is Hurting Us).



