Washington: India has jumped 14 places to take the 63rd position on the World Bank’s ease of doing business ranking released on Thursday, figuring among the top 10 performers on the list for the third time in a row mainly due to the successful implementation of the Insolvency and Bankruptcy Code.
The country was 77th among 190 countries in the previous ranking.
India figured among the top 10 performers on the list for the third time in a row. The ranking comes at a time when the Reserve Bank of India (RBI), the World Bank, the IMF and various rating agencies have slashed the country’s growth forecasts amid a slowdown in the global economy.
In its ‘Doing Business’ 2020 report, the World Bank commended 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 said.
“India is the first country of its type to achieve that. It has jumped this year by 14 position,” he said.
To help India improve biz ranking, Finance Minister promises GST simplification
New Delhi: Finance Minister Nirmala Sitharaman said efforts will be made to further simplify Goods and Services Tax, and expressed hope that it will help in further improving India’s ranking in the World Bank’s ease of doing business index. Sitharaman, while talking to reporters, said states too will have to make efforts in improving the business climate in India, especially with regard to property registration. Implementation of Insolvency and Bankruptcy Code has helped in improving India’s business ranking, she added. Sitharaman also said that in the next ranking, the World Bank will include the business climate in Kolkata and Bengaluru as well. Currently, it takes into account only Delhi and Mumbai. Chief Economic Adviser Krishnamurthy Subramanian said the current outreach programme being undertaken by the banks has helped in improving credit access to the MSME sector.