In the recent edition of the World Bank’s global rankings on Ease of Doing Business, India features among the top 10 countries that have improved this year, moving up on 8 out of 10 ‘Doing Business’ indicators. India is now in the set of 10 “most improved” economies. This gives a boost to Prime Minister Narendra Modi’s government, which wanted to breach the top 50 economies worldwide in terms of this index. Last year India was upgraded just one rank but it appears that the government’s efforts are now paying off.
The World Bank said the significant improvement in rankings for India has come in the fields of “protecting minority investors”, “getting credit”, “paying taxes” and “resolving insolvency” but it persists to lag in areas such as “starting a business”, “enforcing contracts” and “dealing in construction permits”.
Finance Minister Arun Jaitley, speaking at a press conference said, "this is the highest jump any country has made in the doing business rankings."
"Having embarked on a strong reform agenda to improve the business environment, the significant jump this year is a result of the Indian government's consistent efforts over the past few years. It indicates India's endeavor to further strengthen its position as a preferred place to do business globally," said Annette Dixon, VP, South Asia region.
PM Modi commented in a tweet: "Historic jump in 'Ease of Doing Business' rankings is the outcome of the all-round & multi-sectoral reform push of Team India."