India climbs up 23 places to rank 77th, from 100th spot last year, on the World Bank‘s ease of doing business (EODB) index, which features 190 countries.
The jump in rankings, gives a big boost to the Indian ecosystem, showcasing the progress and the commitment of the Indian government towards enabling better business opportunities in the country.
World Bank recognised India’s efforts as it figured in the list of “top 10 movers”, for the second time in a row. India came in at the 5th spot.
While ranking the countries, World Bank measures 11 areas of business regulations including, starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency, and labour market regulations.
India showed improvements across 6 areas of business regulations, with the most significant improvements in construction permits and trading across borders. India is ranked at 54th position in the area of construction permits, marking a significant jump of 129 places, from the previous year.
The factors that have helped improve India’s rankings include the amendment of the insolvency law to strengthen access to credit, the introduction of GST, and the improvement of port infrastructures to reduce time and cost involved for exports and imports.
Furthermore, India is ranked also ranks among the top 25, across three indicators, getting electricity, getting credit and protecting minority investor. Across the indicators, India’s top rank is 7 for protecting minority investors.
The continued improvement in India’s rankings now places India at the top position, among South Asian countries.
Earlier this year in July, in a list prepared by the Department of Industrial Policy and Promotion (DIPP), along with the World Bank, Andhra Pradesh topped the ease of doing business rankings.
The continuous improvement of the Indian ecosystem is a testament to the positive changes in the Indian economy, as India moves towards a more prosperous tomorrow.