India ranks 77 in ‘Ease of doing business’ index, jumps 23 places
India is now at 77 on the World Bank’s ease of doing business, climbing 23 places. It is the only country among the top-ten improvers for a second consecutive year, the government said on Wednesday evening.Updated: Oct 31, 2018 23:14 IST
India jumped to the 77th spot in the ranking of countries by ‘ease of doing business’ on Wednesday, improving by 23 places over its 2017 standing on the back of reforms that made it easier to get construction permits, pay taxes and access electricity, according to the World Bank. The World Bank Group’s Doing Business 2019 report said India carried out six business reforms during the past year that earned it the credential of being a top global improver for the second year in a row. The country recorded a rise of 30 places in the rankings last year, clinching the 100th spot.
“The target of 50 is no longer out of reach… Ultimately, the ease of doing business is maximising the governance with minimal government personnel and procedures so that the environment itself is eased,” finance minister Arun Jaitley said at a news conference after the report was released, referring to the target set by Prime Minister Narendra Modi after he came to power in 2014. Jaitley added that India moved from the 142nd place in the index to the 77th spot in the Modi regime.
The Prime Minister said his 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,” Modi tweeted.
The country improved on six of the 10 metrics tracked by the World Bank, including ‘obtaining credit’ and ‘construction permits’. India and neighbouring China are among the top 10 improvers this year. China has moved up from its previous rank of 78 to 46th place. Pakistan is ranked 136 in the index that surveys 190 countries. On the measure of absolute progress towards best practice, India improved its doing business score to 67.23, from last year’s 60.76.
Commerce and industry minister Suresh Prabhu said the rise was because of a combination of factors.
First Published: Oct 31, 2018 18:47 IST