Prime Minister Narendra Modi on many occasions has said that India at this juncture can’t be satisfied with the incremental gains but only an overhaul will fulfil India’s aspirations.
Well, the World Bank’s Ease of Doing Business 2020 report testifies that India is really achieving this objective as India moves up 79 spots since 2014 to 63rd rank in the latest World Bank’s ease of doing business rankings.
India was ranked 142nd among 190 nations when Prime Minister Narendra Modi took office in 2014.
Four years of reform pushed up India’s rank to 100th in World Bank’s ‘Doing Business’ 2018 report.
In the 2019 report of ease of doing business, the country jumped 23 places to the 77th position thanks to the reforms related to insolvency, taxation and other areas and now it has jumped 14 spots since then.
Given the size of India’s economy, reform efforts are particularly commendable
In our previous article, we brought out the key takeaways for India in the World Bank’s Ease of Doing Business report 2020 and explained briefly how India made a sustained effort over the years in improving the ranking in a rapid pace.
Nevertheless, it is interesting to look at the exact progress in the past year.
Going by the report it is evident that some of India’s efforts such as port infrastructure development, easing the process through digital means, reforms in insolvency resolution etc are making a huge impact in strengthening the business eco-system.
The chapter ‘Summaries of Doing Business reforms in 2018/19’ especially takes account of reforms implemented from May 2018 to May 2019 with respect to each country ranked in the report.
This particular chapter has tick marked India on four counts in which India showed remarkable progress in the above-mentioned period.
The report mainly takes consideration of Delhi on this count.
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