New Delhi (NVI): Riding on the wave of reforms, India moved up four rungs in the World Bank’s Ease of Doing Business 2020 report to 63rd position, among 190 countries, as it joined the league of world’s top 10 most improved countries for the third consecutive time.
Aside from India, the list of top improved countries also included China, Pakistan, Jordan, Bangladesh, Bahrain, Kenya, Kuwait, Myanmar and more. The list does not reflect the best performing/ranked economies, which will be disclosed at the time of Doing Business 2020 launch
Last year, India jumped 23 places to reach 77th position in the rankings. In six years of the Narendra Modi government, India’s ranking has improved 79 places from 142nd in 2014 to 63th in 2019, a record for a major economy.
“Exporting and importing is also easier following the integration of several government agencies into an online system and the upgrading of port equipment and infrastructure. India’s achievements this year build on a sustained multi-year reform effort. Since 2003/04, India has implemented 48 reforms captured by Doing Business. The most improved business regulatory areas have been starting a business, dealing with construction permits and resolving insolvency,” the report said.
The World Bank said India conducted four reforms in the 12-month period to May 1. “Among other improvements, India made the process of obtaining a building permit more efficient. Obtaining all permits and authorizations to build a warehouse now costs 4% of the warehouse value, down from 5.7% the previous year,” it added.
It may be note that The Global Competitiveness Index, 2019, released by the World Economic Forum (WEF) earlier this month showed India’s ranking slipped a sharp 10 notches to 68. India’s score fell in eight of 12 parameters while other countries improved their domestic business environment faster than India. Iran (99) is the only other country of the 141 countries surveyed whose ranking also fell by 10 positions.