India has moved to 63rd position among 190 countries by jumping 14 places on the World Bank's ease of doing business ranking released on Thursday, October 24. The country has achieved this on the back of multiple economic reforms by the Narendra Modi government which includes the government's flagship 'Make in India' scheme. The Ease of Doing Business Ranking is based on 10 parameters relating to starting and doing business in a country. Here's how India has improved in each of the parameters compared to the previous World Bank report.
The first parameter is starting a business in which India has moved up a place to 136th rank as compared to 137th in the previous report. The second parameter deals with construction permits in which India has improved a lot as it stands on the 27th position as compared to 52nd last year. In getting electricity, India has slipped to 27th position from 24th position in 2019. In the parameter of registering property, India has improved slightly and moved on to the 154th position from previous 166th position. The country had the best performance in resolving insolvency where it jumped by 56 places to become the 52nd easiest place to address bankruptcy. India's third-best improvement was in trading across borders, where it rose 12 places to come in at the 68th spot.
The World Bank noted that the country needed to do more in areas such as enforcing contracts and registering property where India ranks a dismal 163rd and 154th globally. India also remained among the top-30 nations in the same three categories as last year — getting electricity, securing credit and protecting minority investors. The report ranked India top among the South Asian nations. In the neighbourhood, China has moved up to 31st position from the 46th rank while Pakistan rose from 136th place to become the 108th easiest to do business in the nation.
In its 'Doing Business' 2020 report, the World Bank commended the reform efforts undertaken by the country acknowledging the measures that were taken "given the size of India's economy". "This is the third year in a row that India makes to top 10 in Doing Business, which is a success very few countries enjoy consecutively. Without exception, the other countries that have done this are very small, population-wise, and homogeneous", Simeon Djankov, Director of Development Economics at the World Bank told PTI in an interview. "India is the first country of its type to achieve that. It has jumped this year by 14 positions", he said. Apart from India, the other countries on this year's 'top 10 performers' list are Saudi Arabia (62), Jordan (75), Togo (97), Bahrain (43), Tajikistan (106), Pakistan (108), Kuwait (83), China (31) and Nigeria (131).
(With PTI inputs)