In its annual report, the World Bank said India has improved on six of the 10 parameters, which includes ease of starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts and resolving insolvency
New Delhi: In a major boost to the Modi government, India jumped to the 77th rank in the World Bank's latest Ease of Doing Business rankings, jumping 23 places from last year.
It was ranked 100 in 2017, 130 in 2016. The jump draws significance as India always held a rank between 100 and 130 five years ago. India has improved its rank by 53 positions in the last two years, and 65 positions in the last four years (2014-18). When the NDA came to power in 2014, India stood 142nd in World Bank's "Doing Business" list. The rank is based on a survey of industry in two cities -- Mumbai and Delhi, where participants provide a feedback. This is corroborated with the processes that are involved and then tabulated.
Reacting to the development, PM Narendra Modi said the government was committed to economic reforms to ensure an environment that fosters investments.
Delighted at yet another rise in India’s ‘Ease of Doing Business’ rank. We are unwavering in our commitment towards economic reforms, which will ensure an environment that fosters industry, investment and opportunities. @WorldBank— Narendra Modi (@narendramodi) October 31, 2018
In its annual 'Doing Business' 2019 report, the World Bank said India has improved on six of the 10 parameters on starting and doing business in a country. The checklist includes ease of starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts and resolving insolvency.
"India has done it again! Under the able leadership of Hon'ble PM Shri @narendramodi ji, India jumped the #EaseofDoingBusinessRankings by 23 this year to be ranked at 77. #IndiaMeansBusiness #EoDB," tweeted Suresh Prabhu.
"We have made notable improvements in 6 important #EoDB indicators and are steadily moving towards implementation of international best practices. India is now ranked 1st among South Asian countries compared to 6th rank in 2014," he tweeted.
The Commerce Minister gave out a list of tweets with graphics that say how India improved on many fronts including the ease of securing construction permits, getting an electricity connection, paying taxes and zero-fee for reducing under the shops and establishments act.
According to a statement issued by the finance ministry, India has registered huge improvement in 6 of the 10 indicators and has moved closer to international best practices.
The biggest improvements have been in the indicators related "construction permits" and "trading across borders", the ministry added. In the area of construction permits, the country's ranking has improved by a whopping 129 points, 66 in "trading across borders", it added.
The consistent progress has paced India among the "top 10 improvers" for the second consecutive year, said the Secretary of the Department of Industrial Policy and Promotion. The country now ranks first among South Asian countries, compared to the sixth slot it held in 2014.
(with agency inputs)
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Last Updated 1, Nov 2018, 1:31 PM