India jumps 23 places to 77th rank in World Bank survey in ease of doing business

The World Bank has said that India has improved on six of the 10 parameters on starting and doing business in the country. It is a complement to the efforts of PM Narendra Modi, efforts towards reform measures taken in last 4 years of dedicated service to the nation by making the efforts to ease processes, project a business-friendly environment, and draw in foreign investment.

India is the only nation to have made it to the list of top 10 improvers for the second consecutive year in World Bank’s Ease of Doing Business 2019 survey.  It climbed 23 places to 77 among 190 countries surveyed, making it the only country to rank among the top 10 improvers for the second consecutive year.

“The key reforms in India included streamlining the process of obtaining a building permit and improved building quality controls,” the World Bank said. “Starting a business was made easier through consolidation of multiple application forms and introduction of a goods and services tax (GST), while getting electricity was made faster and cheaper. Other reforms in India included strengthening access to credit as well as making it easier and faster to pay taxes and trade across borders.”

Industry secretary Ramesh Abhishek said that earlier, breaking into the top 50 in the World Bank rankings looked difficult. “At 77, we are within striking distance of top 50. Momentum of reforms will continue. ‘Team India’ will work harder, together, build more & more trust with users & deliver on the promise,” he tweeted....Read More