World Bank’s ‘ease of doing business’ ranking announced on Wednesday October 31, showed India pushed higher by 23 places, securing the 77th place on the list, helped by improvement in 6 out of 10 indicators.
The data showed that the most dramatic improvements have been registered in the indicators related to construction permits, and trading across borders.
The department of industrial policy and promotion (DIPP) stated that, “In grant of construction permits, India’s rank improved from 181 in 2017 to 52 in 2018. In trading across borders, India’s rank improved by 66 points moving from 146 in 2017 to 80 in 2018.”
World Bank further aid that the time taken to set up a business in New Delhi and Mumbai too reduced to 16 days and 17 days from 30 days and 29.5 days, respectively.
Every year, World Bank ranks 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
Last year, India jumped 30 places to rank 100th among 190 nations in World Bank’s ‘ease of doing business‘ index.