India has seen a big improvement in the annual Ease of Doing Business report of the World Bank issued on 24 October, 2019 as it moved up 14 places to the 63rd spot in the rankings for 20.
The country was 77th among 190 countries in the previous ranking, an improvement of 23 places compared to its position a year before. The jump in the latest ranking was big.
India had broken into the club of the first 100 such nations in the 2018 report, when it had managed to jump 30 places.
The latest report has named the economies of India and nine other nations as the ones that have shown the most “notable improvement” in the ease of doing business.
The country has been ranked ninth among the most improved, with a score of 3.5 in the change in ‘Doing Business’ score. Saudi has been ranked at the top on this metric, with a score of 7.7.
Saying that India has conducted a remarkable reform effort, the World Bank noted that India has joined the list of top 10 improves for the third year in a row, which it said was commendable given the size of the economy.
Praising the Narendra Modi government’s flagship ‘Make in India’ scheme, the report said that it has helped attract foreign investment, boost the private sector and enhance the country’s overall competitiveness.
“The administration’s reform efforts targeted all of the areas measured by Doing Business, with a focus on paying taxes, trading across borders, and resolving insolvency. The country has made a substantial leap upward, raising its ease of doing business ranking from 130 in Doing Business 2016 to 63 in Doing Business 2020,” the report said.