He also suggested that India has managed to improve on various sub-rankings although the World Bank's latest report did not show any improvement in the country's ranking as other nations too have done their bit.
In the World Bank's latest 'Doing Business' 2017 report, India's place remained unchanged from last year's original ranking of 130 among the 190 economies that were assessed on various parameters.
But the last year's ranking has been revised to 131 from which the country has improved its place by one spot.
India has expressed its disappointment over its low rank and has also suggested a review of the ranking methodology.
"Our methodology had led to very interesting response by different countries... we have learnt that the complexity of understanding of doing business needs to change. So, our methodology will evolve as we are doing it right now," he told reporters.
"I do not think we have given India a low ranking at all. If you look at the sub-rankings, India has managed to improve quite a bit. Where we are not able to show the aggregate lift-off is also because the other countries also increased their ranking relatively."
As for India, he said, it is continuing to do its improvement and "my bet, next year you watch out, it will be reflected in the rankings".
He added that GST is going to change the way Indian markets are working now.