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India Leaps 23 Spots In World Bank’s ‘Ease Of Doing Business’ Index, Ranks 77

India has jumped 23 spots and shot up to 77th position in World Bank’s Ease of Doing Business ranking, an assessment amongst 190 nations. This has marked a big step towards the Modi government’s struggles to ease processes, create a business-friendly environment and flood in foreign investments.

India, last year, sore up 30 positions to reach the top 100.  

India raises to 142 in the list of World Bank’s “Doing Business” after NDA came to power in 2014.

“We have made progress in leaps and bounds, probably the most significant in the history of Ease of Doing Business,” Union Finance Minister Arun Jaitley said, underscoring that to make significant progress, one has to “literally crack the code” and work on the bottlenecks.

The recent jump came in the year of election, when the current government is under constant bout from the opposition party for hike in fuel price, differences with Reserve Bank of India and the fall of Rupee. Besides, “Make in India” initiative by PM Modi has been persistently pointed as a failure by the Congress and the Congress chief has been specifically saying that “it’s not Make-IN-India rather it should be called Made-in-China”.

Image Credit : Geo Currents

World Bank has stated in the yearly “Doing Business” report that India has advanced on the 6 parameters out of 10 on business initiative in the country. The parameters consist “ease of doing business, getting electricity, construction permits, paying taxes, getting credit, cross-border trade, resolving insolvency and enforcing of contracts” stated to Press Trust of India.

 “Our country has vastly improved in 6 out of the 10 parameters and has progressed closer to business best practices”, said the Finance Minister.

The largest developments have been in the parameters related to “trade across borders” and “construction permits”, the ministry said. The country’s ranking regarding construction permits has been shot up to 129 points, while “trading across borders” garners 66 points, as said by the Ministry.

Image Credit : Geo Currents

However, there are areas, where the country still needs to work on and improve, such as “starting of business” (ranked 137), enforcing of contracts and paying taxes, which he stated that “remains poor”.

The continuous progress, for the 2nd consecutive year has positioned India amongst the “top 10 improvers”, said the Secretary of the Department of Industrial Policy and Promotion. He added “India now ranks first compared to sixth slot in 2014 among the South Asian Countries”.

Posted in: Current Affair 2018, Uncategorized

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