Bettering its all-time Ease of Doing Business ranking from the previous year (77), India has jumped 14 places to 63rd position in the World Bank’s Ease of Doing Business released on Thursday.
The ranking is forged after accessing and analyzing a country’s potential to attract foreign investment and the business environment it delivers to international companies.
Back in 2014 when PM Narendra Modi took office, India was ranked 142nd in the ease of doing business ranking. Thereafter schemes like Make in India, and reforms related to insolvency and taxations – to attract foreign investments – had pushed India’s rank to 130 in 2017 and 77 in 2018.
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The country has also figured among the top 10 performers on the list for the third time in a row.
World Bank in its “Doing Business” report praised the reform efforts undertaken by the country “given the size of India’s economy”.
“This is the third year in a row that India makes to top 10 in Doing Business, which is a success which very few countries have done over the 20 years of the project, Without exception, the other countries that have done this are very small, population-wise, and homogeneous,” Simeon Djankov, Director of Development Economics at the World Bank told PTI in an interview.
Apart from India, the other countries that made it to ”top 10 performers” list are Saudi Arabia (62), Jordan (75), Togo (97), Bahrain (43), Tajikistan (106), Pakistan (108), Kuwait (83), China (31) and Nigeria (131).