India is ranked best among the BRICS nations, out of which South Africa is 17th, Brazil 35th and Russia at 100. China is much lower at 132nd place.
Subramanian said the government is also taking various other steps to improve ease of doing business in the country.
Jack Ma, China's billionaire and founder of e-commerce giant Alibaba, has travelled to Europe for an agriculture study tour, his first trip abroad since he ran into trouble with the Chinese government last year over violating anti-monopoly regulations.
A long crisis with a lack of sound short-term, long-term actions can result in sluggish growth in India, similar to that in Japan.
Byju's is set to promote its chief operating officer (COO) Mrinal Mohit to a bigger role, including leading the India operations, according to people familiar with the matter. This is because Byju Raveendran, founder and chief executive officer (CEO) of the edtech giant - which is valued at $22 billion - is planning to focus on global expansion and acquisitions. Among the global regions, Raveendran may look at markets such as the US and the Middle East.