India moves up 14 ranks to 63 on World Bank’s ease of doing business & it is remarkable
Is there any better way than starting Diwali week with good news? India jumped to 14 places to 63rd in the list of World Bank’s ease of doing business. The ranking was released on Thursday, riding high on the government’s flagship ‘Make in India’ scheme and other reforms attracting foreign investment.
Notably, the country is also among the top 10 performers on the list for the third in a row and that is remarkable. The ranking has come at a time when the Reserve Bank of India, IMF & other rating agencies has forecast economic slowdown. Earlier, India was ranked at 142nd among 190 countries when Prime Minister Narendra Modi took office in the year 2014. After four years of hard and reforms, the country reached 100th position when it comes to doing ease of Business in the year 2018.
In the year 2017, India was at 130th position which was lower than Uganda and Iran. Last year, the country jumped 23 places and was ranked 77th on the back of reforms related to insolvency, taxation and other areas.
India is also among the top 10 performers. Apart from India, the country’s on this year’s top 10 performers are Saudi Arabia (62) , Bahrain (43), Jordan (75), Togo (97), Pakistan (108), Kuwait (83), China (31) and Nigeria (131).
According to the report released by the World Bank, Prime Minister Narendra Modi’s ‘Make in India’ campaign focused on attracting foreign investment. It boosted the private sector – manufacturing in particular and it enhanced the country’s overall competitiveness.
Simeon Djankov, Director of Development Economics at the World Bank while talking to PTI said, “In the next two-three years India will be among the top 50 countries in ease of doing business. And to come below 50, the Modi government has to start thinking about reforms and how to implement them.”
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