India jumped 23 positions in the World Bank’s Ease of Doing Business Index and is now ranked 77 out of 190 countries in 2018, a development that could help the country attract more foreign investments.
The World Bank Group’s Doing Business 2019 report said India carried out six business reforms during the past year that earned it the credential of being a top global improver for the second year in a row. The country recorded an increase of 30 places in the rankings last year, settling the 100th spot.
The most dramatic improvements were registered in the indicators related to ‘Construction Permits’ and ‘Trading across Borders’. In grant of construction permits, India’s rank improved from 181 in 2017 to 52 in 2018, an improvement of 129 ranks in a single year. In ‘Trading across Borders’, India’s rank improved by 66 positions moving from 146 in 2017 to 80 in 2018.
New Zealand topped the list of 190 countries in ease of doing business, followed by Singapore, Denmark, and Hong Kong. The United States is placed eight and China has been ranked 46th. Neighbouring Pakistan is placed at 136.
The Prime Minister said his government was dedicated to economic reforms to ensure an environment that promotes investments. Modi tweeted, “Delighted at yet another rise in India’s ‘Ease of Doing Business’ rank. We are unwavering in our commitment towards economic reforms, which will ensure an environment that fosters industry, investment and opportunities.”