October 31, 2018
India became South Asia’s top-ranked economy, jumping 23 spots to rank 77 out of 190 countries in the World Bank’s ‘ease of doing business’ index released on Wednesday.
Last year, India had moved up 30 places to 100th position, showing an improvement on 8 out of 10 indicators for “Doing Business”.
The rankings give a measure of how friendly the regulatory environment of a country is for doing business. In its annual ‘Doing Business’ 2019 report, World Bank said India improved on 6 of the 10 parameters relating to starting & 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 & resolving insolvency. China is 1 of this year’s top 10 improvers, advancing more than 30 spots to 46th place in the global rankings.
On Tuesday, Commerce Minister Suresh Prabhu hinted that India is likely to move up the rankings. In 2016, 2015 & 2014, India hadn't improved much and was placed at 130th, 131st & 134th positions respectively.
Last year’s improvement, the World Bank said, came on the back of “sustained business reforms” over the previous 4 years.
“This year’s top 10 improvers, based on reforms undertaken, are Afghanistan, Djibouti, China, Azerbaijan, India, Togo, Kenya, Côte d’Ivoire, Turkey and Rwanda. With 6 reforms each, Djibouti & India are in the top 10 for a second consecutive year.
Afghanistan & Turkey, top improvers for the 1st time, implemented record single-year reforms, with 5 and 7, respectively,” a World Bank statement said.
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