India has leaped to 100th rank out of 190 countries on World Bank’s latest edition of ‘ease of doing business’ index. This marks a forward leap of 30 places as compared to 130th rank in the previous edition of the index. In the report titled ‘Doing Business 2018: Reforming to Create Jobs’, India has been recognised as one of the top 10 improvers in this year’s assessment.
About ‘Ease of Doing Business’ Index:
‘Ease of Doing Business’ index is prepared annually by World Bank since 2003.
- The latest edition of the index took into consideration, reforms and policy changes from June 1, 2016 – June 2, 2017.
- The rankings have been complied on basis of assessment on 10 parameters viz. starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.
Highlights of “Doing Business 2018: Reforming to Create Jobs”:
India’s remarkable jump in this year’s ranking has been ascribed to Government’s consistent efforts in last few years.
- In India, reforms have been implemented in eight out of 10 Doing Business indicators.
- India has jumped 33 places in “resolving insolvency” parameter and is now ranked 103.
- On ‘paying taxes’ India has jumped 53 places, from 172 to 119, while on ‘getting credit’, ranking has improved by 15 places from 44 to 29.
- Most significant accomplishment is India’s 4th rank in the parameter of ‘protecting interest of minority investors’. This is the first time that India has featured in the top five countries in one of the parameters for determining ‘ease of doing business.’
- It is to be noted that this year’s ranking does not take into account business environment post implementation of Goods and Services Tax (GST).
- Indian Government under Prime Minister Narendra Modi is keen to further improveease of doing business and government officials have been instructed to put due efforts in order to bring the country in the top 50.
‘Doing Business 2018: Reforming to Create Jobs’ – Top 10 Countries: