November 8, 2018
The 2019 edition of the report factored in a record 314 reforms introduced by 128 international governments over June 2017 - May 2018
The reforms are tracked by World Bank’s Doing Business Index ranking 190 countries on the ease of doing business within their borders
In July 2018, Government had launched the Ease of Doing Business ranking for 29 states and 7 UTs in partnership with the World Bank
On the back of inclusive reforms and seamless delivery of government services , India aims to break into top 50 ranking by coming year
India has advanced 23 spots to reach 77th place in the Ease of Doing Business ranking. With the latest increment, which follows another 30 positions leap last year, India has become South Asia’s top-ranked economy. The world’s fastest-growing major economy has crossed 65 ranks over four years in the ease of doing business index published by the World Bank Group. A major driving factor behind this rise has been a series of policy and regulatory initiatives undertaken by the Government of India since 2014.
The 2019 edition of the annual report published by the global financial institution factored in a record 314 reforms introduced by 128 international governments between June 2, 2017, and May 1 this year. These reports are aimed at benefiting small and medium businesses and entrepreneurs, while enabling job creation, and stimulating private investment. Herein, India has emerged as a leading success story owing to state-backed reformations that is encouraging the private sector and driving economic growth.
Government of India’s reforms have been successful as they are not just creating a lucrative investment environment for the private sector, but under the “Sabka Saath Sabka Vikas” (Collective Efforts Inclusive Growth) agenda, they are ensuring social development, financial inclusion and sustainable growth. As a result, participation in building a “New India” has received strong interest, involving the previously unconnected sections of India, as well as a growing list of private entities and Indians across the world.
In the latest report, India has been ranked 5th among “Top 10 Improvers”, or economies that improved the most across three or more parameters during FY 2017-18. The annual ranking, launched in 2003, has become a critical standardisation. It tracks reforms in 11 areas: starting a business, getting construction permits, accessing electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency, and labor market regulation.
In the latest report, India improved its rank in six out of 10 indicators and moved closer to international best practices (Distance to Frontier score) on seven out of the 10 indicators.