According to a World Bank report, India now ranks 130 out of 189 countries in the ease of doing business, up 12 places from last year. The biggest improvement was in the ‘Getting Electricity” sub component with India’s rank jumping to 70 from 137 a year earlier in the 139 country ranking.
“A forward movement of 12 spots in the ease of doing business by an economy of the size of India is a ‘remarkable achievement and gives a good signal about the way things are moving in India,” World Bank’s Chief Economist and Senior Vice President Kaushik Basu told PTI in an interview.
Singapore retained its status for a 10th straight year as the easiest country in which to do business, followed by New Zealand, Denmark, South Korea, Hong Kong, Britain and the U.S. China has moved six spots from 90 last year to 84, while Pakistan slipped 10 spots to occupy the 138th place.
The Narendra Modi government has taken a slew of measures in the past year to improve India’s ease of doing business index. Modi’s efforts came in for praise by Augusto Lopez Claros, Director of the Global Indicators Group World Bank.
“What is significant about India is that they are in the middle of what appears to be a very, very ambitious process of reforms affecting a broad range of areas captured by the Doing Business indicators,” he said during a conference call.
“If this process continues, if it is sustained, and the authorities show the degree of determination which has been in evidence in the last year, then we could see substantial improvements in coming year,” he added.
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