Image : Representational Purpose Only
India has jumped 14 places to take the 63rd position on the World Bank’s ease of doing business ranking that has been released , figuring among the top 10 performers on the list for the third time in a row mainly due to the successful implementation of the Insolvency and Bankruptcy Code.
The country was 77th among 190 countries in the previous ranking.
India figured among the top 10 performers on the list for the third time in a row. New Zealand continues to top the global ranking, with Singapore, Hong Kong right behind. Korea is in fifth place and the US on sixth.
The ranking comes at a time when the Reserve Bank of India (RBI), the World Bank, the IMF and various rating agencies have slashed the country’s growth forecasts amid a slowdown in the global economy.
In its ‘Doing Business’ 2020 report, the World Bank commended the reform efforts undertaken by the country “given the size of India’s economy”.
“This is the third year in a row that India makes to top 10 in ‘Doing Business’, which is a success which very few countries have done over the 20 years of the project. Without exception, the other countries that have done this are very small, population-wise, and homogeneous,” Simeon Djankov, Director of Development Economics at the World Bank told PTI in an interview.
“India is the first country of its type to achieve that. It has jumped this year by 14 position,” he said.
Apart from India, the other countries among the top 10 performers are China (31), Bahrain (43) Saudi Arabia (62), Jordan (75), Kuwait (83), Togo (97), Tajikistan (106), Pakistan (108) and Nigeria (131).
Prime Minister Modi’s ‘Make in India’ campaign focused on attracting foreign investment, boosting the private sector, manufacturing in particular, and enhancing the country’s overall competitiveness, the World Bank said in its report.
The government turned to the ‘Doing Business’ indicators to show investors India’s commitment to reform and to demonstrate tangible progress. In 2015, the government’s goal was to join the 50 top economies on the ease of doing business ranking by 2020.
