Sunday, October 25, 2020
Home Economy and Finance India among 10 most improved economies, jumps 14 places to reach 63rd rank in...

India among 10 most improved economies, jumps 14 places to reach 63rd rank in the World Bank’s Ease of Doing Business rankings

The ten top-ranking countries with respect to the indicator were - New Zealand, Singapore, Hong Kong SAR China, Denmark, Republic of Korea, United States, Georgia, United Kingdom, Norway, and Sweden.

India has seen a big improvement in the annual Ease of Doing Business report of the World Bank issued on Thursday as it moved up 14 places to the 63rd spot in the rankings.

India, which was ranked 77th among 190 countries in the previous ranking, has shown an improvement of 14 places compared to its position in 2018. 2018 rankings were also an improvement of 23 places. Even though the jump in the World Bank’s Ease of Doing Business ranking is remarkable, India missed its target of getting within the top 50.

The country’s score improved from 67.3 last year to 71.0 this year, as per the survey released by the World Bank on Thursday morning.

The indicator measures the performance of countries across 10 different dimensions in the 12-month period ending May 1, 2019. The ten areas of study are defined as starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, and resolving insolvency.

Read: The criticism of India’s meteoric rise in Ease of Doing Business Rankings stems from ignorance

Reportedly, the latest report has named the economies of India and nine other nations as the countries that have shown the most “notable improvement” in the ease of doing business. The improvement in the ranking was possible because of four reforms, especially in categories such as starting a business, dealing with construction permits, trading across borders and resolving insolvency. The report also says there were improvements in the efficiency of acquiring building permits.

The country has been ranked ninth among the most improved, with a score of 3.5 in the change in ‘Doing Business’ score. Saudi has been ranked at the top of this list with a score of 7.7, while Pakistan has been ranked sixth with a score of 5.6.

The report stated that India has conducted a remarkable reform effort with World Bank noting that India has joined the list of top 10 improvers for the third year in a row, which it said was commendable given the size of the economy.

Read: How lies about World Bank ‘reviewing’ Ease of Doing Business ranking of India were spread

Praising the Narendra Modi government’s flagship ‘Make in India’ scheme, the report said that it has helped attract foreign investment, boost the private sector and enhance the country’s overall competitiveness.

“In 2015 the government’s goal was to join the 50 top economies on the ease of doing business ranking by 2020. The administration’s reform efforts targeted all of the areas measured by Doing Business, with a focus on paying taxes, trading across borders, and resolving insolvency. The country has made a substantial leap upward, raising its ease of doing business ranking from 130 in Doing Business 2016 to 63 in Doing Business 2020,” the report said.

India was declared the fifth best performing nation in reforming the business environment this year. The country had improved its ranks in six of the 10 sub-categories used by the Bank to judge the business climate.

The ten top-ranking countries with respect to the indicator were – New Zealand, Singapore, Hong Kong SAR China, Denmark, Republic of Korea, United States, Georgia, United Kingdom, Norway, and Sweden.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

After Turkey President Erdogan says Macron ‘needs treatment’ over attitude to Muslims, Pakistanis trend #boycottfranceproducts on Twitter

Pakistani bots putting their weight behind Turkey president Erdogan's call of 'giving treatment' to French President Macron.

India Today releases a squint eyed statement, pats itself in the back for paying Rs 5 L to the court in TRP manipulation case,...

India Today has released a statement on the current TRP scam and it makes no sense.

“Allah will burn this woman in Hell”, Islamists attack TMC leader Nusrat Jahan for participating in Durga Puja

"You are the descendant of Satan -Evil. Don't you feel any shame for doing such dirty things?" an extremist commented on Nusrat Jahan for participating in Durga Pujo.

Times Now asked to air apology to Rahul Gandhi fangirl Sanjukta Basu for calling her ‘Hindu hater’, “We won”, she tweets

The directive to Times Now comes 19 months after Basu had filed a complaint with the NBSA.

Pakistan: Hindu temple vandalised during Navratri, idol of Hinglaj Mata broken by miscreants in Sindh

While taking cognisance of the despicable incident, the Sindh police have assured that they would nab the miscreants soon for vandalising the Hindu temple.

Recently Popular

‘He supplies drugs and girls’: Estranged wife of Mahesh Bhatt’s nephew Luviena Lodh alleges harassment by nephew-uncle duo

Luviena Lodh said that Mahesh Bhatt is the don of the industry, and he controls everything that goes on in the film industry

France: Charlie Hebdo cartoons projected on government building to express solidarity with deceased teacher who was beheaded by Islamic terrorist

Days after the barbaric beheading of teacher Samuel Paty on the streets of Paris by a terrorist for showing the cartoons of Prophet Mohammad to his students, support continues to pour in for the deceased teacher.

Radio Mirchi RJ finds space with radical preacher Zakir Naik as she waters down terms like ‘Kafir’ and ‘Jihad’

A video featuring Radio Mirchi RJ Sayema is doing rounds on the internet in which she was seen normalising anti-Hindu bigotry by legitimising the usage of radical Islamic terms as 'Kafir' and 'Jihad'.

Faisal Khan says he wants to come out of brother Aamir Khan’s shadow who had earlier called him ‘mentally ill’

Faisal Khan said he will have to break out of his superstar brother's shadow and make his own decisions so that people recognise him as an individual

‘Encounter specialist’ cop facing murder charges and reinstated by Param Bir Singh had joined Shiv Sena

Sachin Vaze, Pradeep Sharma, who were both 'encounter specialist' cops facing murder charges, were close to Mumbai CP Param Bir Singh
- Advertisement -

After Pakistani bots, Pakistani Prime Minister now attacks French President Emmanuel Macron for calling out radical Islam

Pakistan PM Imran Khan said that Muslims react violently to alleged blasphemy because he Prophet lives in their hearts

Kerala: Photographer Dia John depicts Hindu deity as smoking weed, deletes picture after outrage

Kochi-based Mukkootil Bhagavathy temple had filed a complaint against Dia John for hurting Hindu religious sentiments

Twitter user dares India Today to block him for calling it ‘sold out’, India Today obliges

When a netizen called all news channels ‘sold out’ and dared India Today to block him, the media house went ahead and obliged

FIR registered against activist-lawyer Deepika Singh Rajawat for cartoon linking rape with Hindu Goddess worship

The FIR has been registered against Deepika Singh Rajawat under sections 505 (b)(2), 294 and 295 A of the Indian Penal Code

In 2007, Lalu Yadav’s two sons, Tej Pratap and Tejashwi were thrashed by people for eve-teasing in Delhi

In 2007, sons of Lalu Prasad Yadav, Tejashwi Yadav and Tej Pratap Yadav, were found eve-teasing women on New Year's eve

Assam: Congress MLA demands ‘Miya Museum’ for immigrant Bangladeshis, govt rejects saying they don’t have separate culture

"No question of a museum there reflecting other culture and civilization", Himanta Biswa Sarma rejecting Miya Museum demand of Congress MLA

After Turkey President Erdogan says Macron ‘needs treatment’ over attitude to Muslims, Pakistanis trend #boycottfranceproducts on Twitter

Pakistani bots putting their weight behind Turkey president Erdogan's call of 'giving treatment' to French President Macron.

Xitler: Activists campaign to shift the 2022 Winter Olympics away from China, pointing out how Hitler had used the 1936 games to promote himself

Hashtag #MoveTheGames is trending on Twitter to urge organizers to move venue for Winter Olympics 2022 out of China

India Today releases a squint eyed statement, pats itself in the back for paying Rs 5 L to the court in TRP manipulation case,...

India Today has released a statement on the current TRP scam and it makes no sense.

Connect with us

245,563FansLike
468,385FollowersFollow
19,200SubscribersSubscribe