India bettered its rank in the World Bank’s Ease of Doing Business 2020 by 14 rungs to move to 63 among 190 countries, thanks to several inititiaves under the Narendra Modi-led Government over the last several years.
Last year, India jumped 23 places to reach 77th position in the rankings. In six years, India has improved 79 places from 142nd in 2014 to 63th in 2019, being among the fastest improving economies.
“Among other improvements, India made the process of obtaining a building permit more efficient. Obtaining all permits and authorizations to build a warehouse now costs 4% of the warehouse value, down from 5.7% the previous year. In addition, authorities enhanced building quality control in Delhi by strengthening professional certification requirements. Importing and exporting also became easier for companies with the creation of a single electronic platform for trade stakeholders, upgrades to port infrastructure and improvements to electronic submission of documents,” the World Bank said.
Apart from India, the other countries on this year’s ”top 10 performers” list are Saudi Arabia (62), Jordan (75), Togo (97), Bahrain (43), Tajikistan (106), Pakistan (108), Kuwait (83), China (31) and Nigeria (131).
“The administration’s reform efforts targeted all of the areas measured by Doing Business, with a focus on paying taxes, trading across borders, and resolving insolvency. The country has made a substantial leap upward, raising its ease of doing business ranking from 130 in Doing Business 2016 to 63 in Doing Business 2020,” the report said.