Amidst a series of developments in India, this news isn’t much of a surprise. The country has climbed another 23 points in the World Bank’s ease of doing business index and attained the 77th place. At this position, it is the third among the BRICS and the top ranking country in South Asia for the first time.
The last two years have been exceptionally phenomenal for India as it has climbed up 53 positions in this duration. Impressively, India has become of the top 25 countries across the globe on these factors: getting electricity, getting credit and protecting minority investors. This information was published by the department of industrial policy and promotion.
Significantly, India’s DTF (distance to frontier) has tremendously increased and improved 67.23, which was earlier 60.76. DTF stands for the gap of an economy to the global best practice.
Alongside, the World Bank has observed that India is the top improver of this year. More specifically, it is a part of the list of top 10 improvers for the second year in a row. The major point of transformation was the construction permit where India climbed 129 ranks to 52nd place. This was possible due to the continuous efforts made by the government.
“India continued its reform agenda, implementing six reforms in the past year. India is now the region’s top-ranked economy,” the World Bank said, ahead of Bhutan (81) and Sri Lanka (100), Nepal (110), the Maldives (139), Pakistan (136) and Afghanistan (167) and Bangladesh (176).
Here are the six reforms which are recognized as the top performers and have thrust India notch up higher:
- starting a business,
- getting electricity,
- dealing with construction permits,
- getting credit,
- paying taxes and
- trading across borders
Amitabh Kant, CEO of NITI Aayog said: “Today, India’s stands at 77 in WB Doing Business 2019. In 3 years, we have improved our ranking by 65 points – no country of India’s size and complexity has achieved this. Demonstrates that in India, transformative changes are possible if we put our minds to it.”