India’s ‘Ease of Doing Business’ rankings jumps to 63rd position, according to a latest World Bank’s ease of doing business ranking released on Thursday. The jump has been attributed multiple economic reforms taken by the Prime Minister Narendra Modi government. However, it failed to achieve government’s target of being at 50th place.
In the last ranking, India was 77th among 190 countries. This is an improvement by 23 places. India had broken into the club of the first 100 such nations in the 2018 report, when it managed to jump 30 places. The 2019 report had named this as “one of the economies with the most notable improvement” for a third year in a row.
India was adjudged the fifth best performing nation in reforming the business environment that year. The country had improved its ranks in six of the 10 sub-categories used by the Bank to judge the business climate.
However, its ranking saw a decline in two more, on paying of taxes and resolving of insolvency. This was despite the fact that India had introduced the goods and services tax in 2017 and the Insolvency and Bankruptcy Code a year before.