In a big boost to the Modi Government, India climber 23 spots up World Bank ranking for Ease of Doing Business. India is now 77th on the table, becoming the top ranking South Asian country in the world and 3rd among the BRICS.
India climbed 53 spots in the last 2 years marching performance of Bhutan. The biggest gain was in construction permit where India climbed 129 ranks to 52nd place on the back of targeted government effort to remove hurdles.
The details were revealed in World Bank’s Doing Business Report which is an assessment of business regulation across 190 economies.
Further, India now ranks in the top 25 in the world on three indicators- getting electricity, getting credit and protecting minority investors, department of industrial policy and promotion said on Wednesday.
The six reforms recognized in this year’s world bank report are starting a business, getting electricity, dealing with construction permits, getting credit, paying taxes and trading across borders.
In dealing with construction permits, India has implemented an online single window system, introduced deemed approvals and reduced the cost for obtaining these permits. In the electricity sector, the time taken for obtaining a new connection has reduced from 105 to 55 days. For resolving insolvency, India has put in place a new Insolvency and Bankruptcy Code and time bound reorganization procedure for corporate debtors.