India Jumps 23 Places On World Bank’s Ease Of Doing Business Index

India jumps 23 places to take 77th rank in World Bank's 'Ease of Doing Business' index

India jumps 23 places to take 77th rank in World Bank's 'Ease of Doing Business' index

The World Bank's 2019 Doing Business Index (DBI) yesterday reported an improvement in Nigeria's ease of doing business as the country moved from 51.52 to 52.89.

New Zealand tops the list of 190 countries, followed by Singapore, Denmark, and Hong Kong.

Prabhu said India's leap of 23 ranks in the ease of doing business ranking is significant considering that a year ago India improved its ranking by 30 places, a rare feat for any large country the size of India. The rankings of countries in the report indicate competitiveness as well as highlights the areas where reforms are immediately needed to improve business climate in the country. Last year India was ranked 100 in the list.

The country is also said to have made strides in making it easier to deal with construction permits by reducing time for processing permit applications.

"Things have improved considerably on the ground and these have now been reflected in the World Bank report", said Soumya Kanti Ghosh, chief economic adviser to the State Bank of India group.

The Confederation of Indian Industry, meanwhile, said in a statement: "We look forward to the continued momentum of business reforms and to supporting the government in its endeavour to make India among the top investment destinations".

Turkey carried out a record number of business reforms in the past year, earning the country a spot in this year's top 10 global improvers, read the World Bank Group's Doing Business 2019: Training for Reforms report on October 31.

He said the government would study the report carefully and continue to "work closely with the business sector and other stakeholders to reform the existing regulatory regimes".

The World Bank said economies of the Middle East and North Africa significantly accelerated the pace of reforms in the past year, with 43 reforms, compared to 29 the previous year. Brazil made the most improvements, with four reforms.The bulk of the reforms in the region were aimed at improving the legal rights of borrowers and lenders with respect to secured transactions, and the process of starting a business.

The reforms of the past year covered the "doing business" areas of "starting a business", "registering property" and "resolving insolvency". It also improved building quality control by introducing decennial liability and insurance. In the area of construction permits, the country's ranking has improved by a whopping 129 points, 66 in "trading across borders", the ministry said. Among South Asian countries, it is now easiest to do business in India. The United Arab Emirates made getting electricity easier by eliminating all costs for commercial and industrial connections of up to 150 kVA.

Four years of reform pushed up India's rank to 100th in World Bank's "Doing Business" 2018 report. For example, in getting electricity and dealing with construction permits, the country ranks 167 and 166, respectively.

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