India jumped 23 ranks in the World Bank’s Ease of Doing Business Index 2018 to 77. It ranked 100 in the 2017 report.
The Index ranks 190 countries across 10 indicators ranged across the lifecycle of a business from ‘starting a business’ to ‘resolving insolvency’.
India’s strong reform agenda to improve the business climate for small and medium enterprises is bearing fruit. It is also reflected in the government’s strong commitment to broaden the business reforms agenda at the state and now even at the district level,”
“The improvement in rankings is excellent news for India, and good news for the business community,” Commerce Minister Suresh Prabhu said at a press conference. “I’m sure we will continue to improve it more and more.”
Finance Minister Arun Jaitley pointed out that, since the World Bank sets May 1 as the deadline for measurement, there are several initiatives taken by the government that will only reflect in next year’s rankings including the effects of the Insolvency and Bankruptcy Code and the full effect of the Goods and Services Tax.
He noted that, despite the sharp improvement India has made in several of the categories in the Index, there were others such as registering a property, starting a business, taxation, insolvency, and enforcing a contract where a lot of work still needs to be done.