India jumps 23 ranks to 77 in World Bank's 'Ease of Doing Business' 2018 index

India jumped 23 ranks to 77 at the World Bank’s Ease of Doing Business index. India was ranked 100 in 2017.

India had jumped 30 places to 100th rank in the World Bank's 'ease of doing business' ranking in 2017, helped by a slew of reforms in taxation, licensing, investor protection and bankruptcy resolution.

Speaking to the press, FM Jaitley said: “When we came to power the PM had said that we have to come within the top 50 ranks. Today, we are at Rank 77. DIPP has worked on how to up the ranking on each criterion. You have to crack the code & try and improve on the criterion in which we lack.”

He added: “With all uniform construction bye-laws, from 184 in 2014 ranking we have jumped up by 129 points to 52. This is the largest single jump. It was a big corruption issue. But there has been a record improvement in ranking.”

The ease of doing business is to maximise the governance with minimum govt personnel and procedures and the investment environment is guided by this: FM Arun Jaitley pic.twitter.com/WV8s6U1gcW

— ANI (@ANI) October 31, 2018

Union minister Suresh Prabhu tweeted: “India has done it again! Under the able leadership of Hon'ble PM Shri @narendramodi ji, India jumped the #EaseofDoingBusinessRankings by 23 this year to be ranked at 77. India has moved up 53 ranks in the last two years, the highest improvement in 2 years by any large country since 2011 reflecting our Govt's commitment to implement progressive reforms.”

India has moved up 53 ranks in the last two years, the highest improvement in 2 years by any large country since 2011 reflecting our Govt's commitment to implement progressive reforms.#IndiaMeansBusiness #EoDB

— Suresh Prabhu (@sureshpprabhu) October 31, 2018

India was ranked 100th in the World Bank's Doing Business Report last year.

The ranking comes as a shot in the arm for the Narendra Modi government which faces strong dissenting voices from opposition parties ahead of the general elections next year.

In its annual report 'Doing Business' 2019 report, World Bank said India improved on six of the 10 parameters relating to starting and doing business in a country.

These parameters include ease of starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts and resolving insolvency.

India was ranked at the 142nd position among 190 nations when the Modi government came to power in 2014. It rose to 100th spot in the last ranking from the 131st rank in the previous year.

New Zealand topped the list of 190 countries in ease of doing business, followed by Singapore, Denmark, and Hong Kong.

The United States is placed eight and China has been ranked 46th. Neighbouring Pakistan is placed at 136.

World Bank put India among the top 10 economies to make the most improvements

With inputs from PTI