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

India jumps 23 places to take 77th rank in World Bank's 'Ease of Doing Business' index

India improved its ranking on six of the 10 parameters and has jumped 53 places in two years.

PM Modi tweeted that he was "delighted".

India on Wednesday ranked at 77 in the World Bank's latest "Ease of doing business" index.

India has improved its rank in 6 out of 10 indicators. It rose to the 100th spot in the last ranking from 131st rank in the previous year.

Commenting on government's new initiative of monitoring Ease of Doing Business in the district level, he said this step will further enable India to improve in micro-levels thereby affecting the macro picture.

The United States is placed eight and China has been ranked 46th. Pakistan is ranked 136 in the index that surveys 190 countries. Department of Industrial Policy and Promotion secretary Ramesh Abhishek said the government was incentivising those who were doing honest business.

"[It is because of] administrative changes, legislative reforms and particularly what our finance minister did - very path-breaking reforms, whether it is insolvency code, whether it is GST and many others, as well as technological changes", he said.

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It said that India made starting a business easier by integrating multiple application forms into a general incorporation form. "In India the establishment of debt recovery tribunals reduced nonperforming loans by 28% and lowered interest rates on larger loans, suggesting that faster processing of debt recovery cases cut the cost of credit", the report said. India made Paying Taxes easier by merging diverse sales taxes into a single General Sales Tax (GST). It also improved building quality control by introducing decennial liability and insurance.

It was ranked 100 in 2017, making a leap of 30 places.

The World bank ranks 190 countries based on 10 parameters, including starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts, and resolving insolvency.

The biggest improvements have been in the indicators related "construction permits" and "trading across borders", the ministry added.

Similarly, India witnessed improvement in the ranking for "trading across borders", which rose to 80 from 146 past year. India's performance on the World Bank's assessment is a positive sign for foreign investors and is likely to reap benefits in the coming days, said Arun Kumar, Chairman and CEO, KPMG.

"As we go on, we will continue to improve more". It takes 69 days and costs about 8 per cent of the property value to register a property, compared to 20 days and 4.2 per cent among high income OECD economies. On area where the changing nature of work is causing difficulty in Belgium's ease in doing business ranking is Belgium's Labor Act of 1971 which enacted laws which limit employing personnel on Sunday and for firms to operate on Sunday. Among the subcategories, Malaysia ranked 3rd in Dealing with construction permits and 4th in Getting electricity.

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