India recorded a jump of 23 positions now ranking at 77 among 190 countries in the latest “Doing Business Report”(DBR) released by the World Bank on 31.10.2018.
As assessed by the World Bank, India has improved its score in six (6) out of ten (10) Indicators, moving closer to international best practice on seven (7) out of ten (10). The most impressive performance has been registered on indicators related to ‘construction permits’ and ‘trading across borders’. The highlights are as follows:
(i) The leap of 23 ranks in the ranking this year is particularly significant considering that only last year India had improved its rank by 30 places. So during last 2 years, India has improved its rank by 53 positions and 65 positions since 2014. This is rare feat for any large country of India’s size.
(ii) For the second consecutive year, the World Bank has recognized India as one of the top improvers. India is the first BRICS and South Asian country to be recognized as such in consecutive years.
(iii) One of the main factors leading to the significant improvement in ranking is a strong commitment by the government to carry out comprehensive and complex reforms. The change in the mindset of the bureaucracy from a regulatory to facilitator also helped.
Some of the leading reforms measures that have helped improve India’s position including but not limited to are introduction of goods and services tax; the arbitration and conciliation (amendment) bill which will speed up arbitration and commercial disputes in a transparent manner; launch of ease of doing business ranking for Indian states (provinces) which aims to improve delivery of government reforms in order to promote foreign and private trade and investment; several reform measures intended to facilitate private and foreign investment.
Government of India through the ongoing reform process aims to break into the top 50 ranking by next year.
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