India has shown a remarkable improvement by moving up 12 places in the ranking of Ease of Doing Business. India has been ranked 130 in the Index according to a new World Bank annual report, jumping from 142 in 2014.
World Bank has lauded India’s improvement calling it a ‘Remarkable Achievement.’ India was earlier ranked 142 which was later revised to 134 and then to 130.
World Bank Chief Economist Kaushik Basu appreciated India saying, “The way things are moving in India is a good signal,” and if India continues to move forward in such a way then it would not be impossible for it to mark its name in the top 100 ranking of the report.
Going by the reports, it is getting easier to do business in India. Now it only takes 29 days to start a business as compared to 127 days back in 2004.
Several yardsticks are taken into consideration when determining the ranking, such as foreign investments in a country, how easy is it to do a business in a country, etc.
Finance Minister Arun Jaitley also expressed his gratitude towards the recognition given by the World Bank to India. He said that many of the reforms and steps taken are not reflected in this year’s ranking but would definitely be displayed in next year’s rankings.
India’s neighbours, China and Pakistan have been ranked 84 and 138 in the report, respectively.
With Singapore topping the list, New Zealand and Denmark have secured the second and third ranks, respectively. The bottom three in the list are South Sudan, Libya and Eritrea.
Recently Gujarat, had been ranked on the top in the lndex of ‘Ease of Doing Business,’ by the World Bank. Andhra Pradesh and Jharkhand had been ranked 2nd and 3rd respectively.
(Also Read: Gujarat tops ‘Ease of Doing Business Index’)