India Jumps 23 spots to 77th rank in ease of doing business: World Bank Report
View PDFAs per the World Bank’s Ease of Doing Business Report 2019 released on October 31, 2018, India has jumped a whooping 23 spots from the 100th position to 77th rank. The Report notes India as one of the top 10 improvers in this year’s assessment, for the second successive time. India is the only large country this year to have achieved such a significant improvement.Making a giant...
As per the World Bank’s Ease of Doing Business Report 2019 released on October 31, 2018, India has jumped a whooping 23 spots from the 100th position to 77th rank. The Report notes India as one of the top 10 improvers in this year’s assessment, for the second successive time. India is the only large country this year to have achieved such a significant improvement.
Making a giant leap of 23 positions, India has shown considerable improvement in terms of its rankings in the World Bank’s Ease of Doing Business Report from 2015 onwards, from 142nd rank in 2015 to 77th rank in 2018. In 2015, India was ranked at the 142nd position among 190 nations; in 2016, it held 130th position, and in the following year, i.e., in 2017, it was ranked 100—amongst the top 10 improvers in 2017.
Regarding the improvement in the ranking, Minister of Commerce & Industry and Civil Aviation Suresh Prabhu said, "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."
The Minister further added, "Through impressive leaps in the World Bank's Doing Business Rankings, India has become the first BRICS and South Asian country to be recognized as a top improver in consecutive years."
Expressing delight at the improvement in India's ranking, Prime Minister Narendra Modi stated that his government was committed towards economic reforms that foster industry, investment, and opportunities.
The current ranking is based on 10 parameters: Starting a Business, Dealing with Construction Permits, Getting Electricity, Registering Property, Getting Credit, Protecting Minority Investors, Paying Taxes, Trading across Borders, Enforcing Contracts, and Resolving Insolvency. Of these 10 parameters, India's ranking has now improved in six.
• Starting a Business: India has moved from 156th rank to 137.
• Dealing with Construction Permits: India has jumped 128 spots, from 181 to 52nd position.
• Getting Electricity: India currently ranks 24.
• Registering Property: India has gone down from 154th rank to 166th rank.
• Getting Credit: India's rank has gone up from 29 to 22.
• Protecting Minority Investors: India's rank has gone down from 4 to 7.
• Paying Taxes: India's ranking has fallen from 119 to 121.
• Trading across Borders: India has jumped from 146th position to 80th rank.
• Enforcing Contracts: India currently ranks 163.
• Resolving Insolvency: India has slipped 5 spots from 103 to 108.