India Jumps to 77th Rank in World Bank’s Doing Business Report
Guwahati: India has shown a tremendous accomplishment in the latest Doing Business Report (DBR, 2019) which is being released by the World Bank. Taking a good leap from its previous position of 100th rank that it has acquired in 2017, India scored great this year securing 77th ranking in the report, among 190 countries assessed by the World Bank. With this new progress in the rankings, India made a jump of 23 positions and this in itself is a big achievement for the nation.
The report states, “With 13 reforms between them, China and India — two of the world’s largest economies — are among the 10 top improvers.”
Speaking about the Doing Business Report prepared by the World Bank, India’s finance minister Arun Jaitley says, “Ease of doing business is to maximise the governance with minimum government personnel and procedures.”
Marking the areas of key improvements in which India showed a commendable growth, the finance minister said that registration of property, starting a new business, insolvency, enforcement of contracts and taxation etc are playing a crucial role in India’s growth. He said, “If we improve on these areas in a focused way, getting up to 50th rank is not out of reach”.
As per the World Bank report, India has improved its rank in 6 out of 10 indicators and with this improvement, it has moved closer to international best practices (Distance to Frontier score) on 7 out of the 10 indicators. However, India has achieved the most dramatic improvement in ‘Construction Permits’ and ‘Trading Across Borders’.
Here are some of the important features of India’s performance this year:
- India recognized as one of the top improvers by the World Bank.
- India records highest improvement in two years
- India secures position among South Asian countries as against 6th in 2014
- India in top 25 on three indicators — getting electricity, getting credit and protecting minority investor
Amazingly, among the 190 countries being listed by the report, Djibouti and India are the only economies to make to the list of 10 top improvers for the second consecutive year.
Also Read: Business News