India jumps to 77th rank on World Bank's 'ease of doing biz' index

10/31/2018

Washington/ New Delhi, Oct. 31: India has jumped 23 places to the 77th position in the World Bank's 'ease of doing business' ranking released Wednesday, a development that could help the country attract more foreign investments.

 

India was ranked 100th in World Bank's Doing Business Report last year.

The ranking comes as a shot in the arm for Prime Minister Narendra Modi’s government, which faces strong dissenting voices from opposition parties ahead of the general elections next year.

 

In its annual report 'Doing Business' 2019 report, World Bank said India improved on six of the 10 parameters relating to starting and doing business in a country.

These parameters include ease of starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts and resolving insolvency.

India was ranked at the 142nd position among 190 nations when the Modi government came to power in 2014. It rose to 100th spot in the last ranking from the 131st rank in the previous year.

 

New Zealand topped the list of 190 countries in ease of doing business, followed by Singapore, Denmark, and Hong Kong.

 

The United States is placed eight and China has been ranked 46th. Neighbour Pakistan is placed at 136.

 

World Bank put India among the top 10 economies to make the most improvements.

 

'Brought down red tape' 

 

According to the Indian Media, Finance Minister of India Arun Jaitley said at a press conference held soon after the reported released that India could crack into top 50 if it improved on time taken for registering real estate, starting business and enforcement of contracts.

“The BJP-led government, since coming to the power, has reduced red-tape and corruption, and its reforms have ensured India jumps ranks from 142 to 77,” he said. “Improvements have already done on enforcement of contracts, taxation and insolvency laws and would be reflected in future rankings.”

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