Good news! India jumps 23 places in Ease of Doing Business rankings; Bags 77th spot

This is for the second time in a row that India has improved its ranking in the World Bank’s Ease of Doing Business report and this time by jumping 23 places to rank 77.

India was ranked at the 142nd position among 190 nations in 2014 when the Modi government came to power. (Image: DoingBusiness.org)

This is for the second time in a row that India has improved its ranking in the World Bank’s Ease of Doing Business report and this time by jumping 23 places to rank 77 out of 190 countries. India was ranked 100th in the World Bank's Doing Business report last year. The recent Ease of Doing Business report also highlighted that India was among the top 10 most improved economies of the world with countries such as China, Azerbaijan and Djibouti in the race. The report also states that the ease of doing business in India improved notably after a series of reforms made it easier for companies to get construction permits, pay taxes and trade across borders. In its annual 'Doing Business' 2019 report, World Bank said India improved its rank on six out of the 10 parameters relating to starting and doing business in a country. These parameters include ease of starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts and resolving insolvency. India was ranked at the 142nd position among 190 nations in 2014 when the Modi government came to power. However, country drove up significantly to reach the 100th spot in the last ranking from 131st rank in the previous year. New Zealand tops the list of 190 countries in ease of doing business, followed by Singapore, Denmark, and Hong Kong. The United States is placed eight and China has been ranked 46th. Neighbouring Pakistan is placed at 136. Observing that the two economies with the largest populations, China and India, demonstrated impressive reform agendas, the World Bank said India also focused on streamlining business processes. It said that India made starting a business easier by integrating multiple application forms into a general incorporation form. “India also replaced the value-added tax with the GST (Goods and Services Tax) for which the registration process is faster,” it added. In its annual report, the World Bank said overall, the BRIC economies -- Brazil, Russia, India and China -- improved their average ease of doing business score by a combined total of almost 19 points across various areas of business regulation. “The BRIC economies—Brazil, the Russian Federation, India and China—introduced a total of 21 reforms, with getting electricity and trading across borders the most common areas of improvement,” the report noted.