India jumps 14 spots to rank 63rd on World Bank's ease of doing business list
India has recorded continuous improvement in its ease of doing business ranking issued by the World Bank on account of steps taken by the government in this regard, the Commerce and Industry ministry said on Thursday.
India jumped 14 places to the 63rd position on the World Bank's ease of doing business ranking, riding high on the government's flagship 'Make in India' scheme and other reforms attracting foreign investment. The report ranks 190 countries.
"As a result of continued efforts by the government, India has improved its rank by 79 positions in last five years (2014-19)," it said.
India has improved its rank in seven out of 10 indicators, and has moved closer to international best practices.
"Significant improvements have been registered in resolving insolvency, dealing with construction permits, registering property, trading across borders, and paying taxes indicators," it said.
The government is targeting to join the 50 top economies on the ease of doing business ranking.
Commenting on this, Deloitte Chairman Shyamak Tata said the development puts India in the rank of the most-favoured investment destinations, indicating an environment that encourages foreign investors to become part of the Indian growth story.
Rohinton Sidhwa, Partner, Deloitte, said that the report covers two cities -- Mumbai and New Delhi, and a single window for construction and labour-related compliance in these cities have contributed to the improvement.
Former Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Ramesh Abhishek said that the ranking shows "how much can be achieved with a strong political will and total commitment of officials to reforms".
Government process re-engineering, massive use of technology and constant engagement with users have helped India in improving its position in the ranking, he added.
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).
(Edited by Evelyn Ratnakumar)