India Jumps 23 Places On World Bank’s Ease Of Doing Business Index

India Jumps 23 Places on World Bank’s ‘Ease of Doing Business’ Rankings

The UAE implemented four reforms in the past year, related to ease of starting business, getting electricity, registering real estate and gaining access to credit, the report said.

India leaped 23 places to the 77th position on the World Bank's "ease of doing business" ranking as GST, insolvency framework and tax reforms made the country more investor-friendly.

The country was ranked at 70th in 2002 and 85th in 2009.

The World Bank report ranked Kenya at position 128 in dealing with construction permits.

"The improvement is excellent news for India, and good news for the business community", Commerce Minister Suresh Prabhu said on Wednesday. "But there has been a record improvement in ranking", Jaitley added.

"A continuous and focused reform agenda keeps an economy competitive and vigilant, as others also keep improving".

The rankings of countries in the report indicate competitiveness as well as highlights the areas where reforms are immediately needed to improve business climate in the country.

United States sending 5,000 troops to meet migrant caravan at Mexico border
Others complained of trekkers smoking marijuana or warned that images of litter and uneaten food made them appear disrespectful. Many in the caravan have been on the road for more than two weeks, since the group first formed in San Pedro Sula, Honduras.

It is laudable that India jumped 23 places and stood at 77th rank in the World Bank's global Ease of Doing Business rankings this year.

The latest results are predicated on the country's pursuit of reforms, although these predate the arrival of the Pakatan Harapan government; according to the report, its data was current up to May 1 whereas the new administration was voted in over a week later. The country, it added, has improved its ranking by 53 positions in the last two years and 65 positions in four years since 2014. The checklist includes ease of starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts and resolving insolvency, reported news agency Press Trust of India. On the measure of absolute progress towards best practice, India significantly improved its Doing Business score to 67.23, from 60.76 a year ago. "No one questions that these things are important any more, such as the need for a simple process to start a business".

Europe and Central Asia also hosts two of the world's top 10 economies this year, with Georgia moving up to 6 place (from 9 last year), and FYR Macedonia edging up one spot to 10 place.

New Zealand tops the list of 190 countries, followed by Singapore, Denmark, and Hong Kong. It also improved building quality control by introducing decennial liability and insurance.

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.

However, the report also points out India still lags in areas such as Enforcing Contracts (ranked 163 globally) and Registering Property (166).

"The World Bank Group looks forward to working with the government to build on this progress, including through the establishment of the institutional mechanisms to implement and monitor reforms, to facilitate dialogue between the private sector and the government, and to facilitate peer learning from best reformers".

Related news:

Hot News

isis-killer-beheading-video-story-top Sebastian Vettel wants strong Lewis Hamilton back to fight again
Nov 01, 2018 - 14:40
But it was a run of wins over the second half of the season that sent Hamilton to Mexico City all but assured of the championship. Verstappen said his vehicle didn't feel right despite fast times in Saturday morning practice and the early stages of qualifying.

isis-killer-beheading-video-story-top Cricket Australia refuses to soften the band on Smith, Warner, and Bancroft
Nov 01, 2018 - 12:47
The Australian Cricketers' Association will address the media in response to the Cricket Australia culture review later today. When asked about the possibility of legal action, Nicholson replied "we just need to get through the first stage".

isis-killer-beheading-video-story-top Leicester City to drive, rather than fly, to Cardiff
Oct 31, 2018 - 12:57
Former Sunderland star Matt Piper has thanked fans who laid floral tributes outside Leicester's King Power Stadium. . The Italian maker of the helicopter, Leonardo SpA, has already announced it is ready to assist the investigation.

isis-killer-beheading-video-story-top Critics are left silenced by Elina Svitolina
Oct 31, 2018 - 12:44
Svitolina fittingly forced a decider in a tournament which has had a record-setting amount of three-set matches. This is the first year since 2011 that Serena Williams didn't win a major title, and she's 37 years old now.

isis-killer-beheading-video-story-top Pakistan acquits Christian woman facing death for blasphemy
Oct 31, 2018 - 12:13
Asia Bibi's case drew the attention of worldwide rights groups and swiftly became the most high-profile in the country. Human rights groups say Pakistan's blasphemy laws are exploited to settle personal scores.

isis-killer-beheading-video-story-top RBI, govt to hold consultations frequently, says Finance Ministry
Oct 31, 2018 - 10:45
Sources in the ministry of finance told Firstpost that Section 7 of the RBI Act has not been invoked. Government officials had recently called for the RBI to relax lending restrictions on some banks.

isis-killer-beheading-video-story-top IOS 12.1 to bring Group FaceTime, dual-SIM support
Oct 31, 2018 - 09:46
As first reported by Nilay Patel of The Verge , a tweak to Smart HDR should result in more natural-looking selfies going forward. NEW YORK-Apple CEO Tim Cook concluded today's Apple news event by confirming the release of iOS 12 .1 for all iOS devices .

isis-killer-beheading-video-story-top Donald Trump Plans Aggressive Campaign for Mid-term Elections
Oct 31, 2018 - 09:11
Will voters blame the President for the current level of anger in the country concerning hot-button political issues? Warren is the heavy favorite in her Senate re-election campaign against Republican candidate Geoff Diehl.

isis-killer-beheading-video-story-top Turkey Withheld Some Details On Khashoggi's Death, Rep. Schiff Says
Oct 30, 2018 - 13:03
In a speech to the European Parliament, Mr Tusk said he expected member states and institutions to avoid any "ambiguous game". Saud al-Qahtani was quoted as giving the instructions "bring me the head of the dog", after the two men traded insults.

isis-killer-beheading-video-story-top Economy grew at 3.5 percent rate in 3rd quarter
Oct 30, 2018 - 12:32
Former White House economist Jared Bernstein said the strong showing reflects the fact that so many people are in the job market. The GDP report Friday was the government's first of three reviews of overall economic activity for the July-September period.

isis-killer-beheading-video-story-top Japan, India leaders agree to step up defense, economic ties
Oct 30, 2018 - 10:06
PM Modi also lauded the Indian diaspora for introducing Kabbadi and Cricket in Japan where martial art is very popular. The agreement makes Japan only the second country with which India has agreed for such a bilateral dialogue.

isis-killer-beheading-video-story-top Khashoggi's fiancée demands answers, says Saudi authorities are responsible for killing
Oct 30, 2018 - 08:57
Reports in the Turkish media have said that Mr Khashoggi's body, which has still not been found, was cut up into multiple pieces.

isis-killer-beheading-video-story-top High school on lockdown after student shoots schoolmate in North Carolina
Oct 30, 2018 - 05:16
Tyrell said that McKeithen was rushed to Carolinas Medical Center after the incident, where he was pronounced dead. Scott Simpson's other child, daughter Bella, who is in the 11th grade, left Butler to attend Commonwealth High.

isis-killer-beheading-video-story-top Quinnipiac poll releases new numbers on Cruz-O’Rourke race
Oct 30, 2018 - 03:44
Republicans have said they believe O'Rourke's election bid "is a serious threat" to Cruz's re-election. Two weeks ago, Quinnipiac showed Cruz leading O'Rourke by a more comfortable 54 to 45 percent.

isis-killer-beheading-video-story-top Meghan Markle reconnects with her feminism roots - Nairobi
Oct 29, 2018 - 16:56
Otherwise, the father of the Duchess of Sussex is willing to ask for help to lawyers, as I am sure that you will win the case. Kirsty Wigglesworth / AP Harry and Meghan at Pukeahu National War Memorial Park on Sunday.