India jumped 14 spots to rank 63 in the World Bank’s Ease of Doing Business index among 190 countries.
The rankings released on October 24 comes as a relief for the Indian economy after the International Monetary Fund and World Bank cut India’s projected GDP growth rate forecast for 2019-20 to 6.1 per cent from seven per cent.
India outperformed every other nation in South Asia including north-eastern neighbour – Bhutan which came second and Nepal that bagged the third spot.
When Narendra Modi took over as the Prime Minister in 2014, India had ranked 142 of the 190 nations in the ease of doing business rankings. Four years later, with the government’s flagship – “Make in India” scheme, India managed to be in the top 100. In 2018, India had ranked 77th out of 190 countries.
In its ”Doing Business” 2020 report, the World Bank commended the reform efforts undertaken by the Modi government “given the size of the Indian economy”.
India has managed to be among the top 10 performers on the list for the three consecutive years. Saudi Arabia (62), Jordan (75), Togo (97), Bahrain (43), Tajikistan (106), Pakistan (108), Kuwait (83), China (31) and Nigeria (131) were the other performers on the list. Govt think tank NITI Aayog’s, CEO – Amitabh Kant took to Twitter to praise Narendra Modi for his unwavering focus on making India investor-friendly.
Big Congratulations to PM @narendramodi for his immense focus on making #India easy & simple. India jumps up 14 positions in #WorldBank #EODB Only large country to jump 79 positions overall in last 4 years. It is now at 63 rank. Phenomenal achievement!Congrats #DPIIT ! Brilliant!
— Amitabh Kant (@amitabhk87) October 24, 2019
In terms of ease of starting a business, India ranked no 136 in the world. It grabbed No 27 on dealing with construction permits and secured No 22 on getting electricity.
Apart from these indicators, India ranked 13 on protecting minority investors, No 25 on getting credit, 68th in trading across borders, 52nd in resolving insolvency, and 163rd in enforcing contracts.
Also Read: India Halved Its Poverty Rate Since 1990: World Bank
