India jumps to 77th rank in the Ease of Doing Business Index


Turkey ranked 43rd in the World Bank's Ease of Doing Business list for 2019, climbing 17 places compared to the previous year. The advance - the second big jump in a row - marks a huge step forward in Narendra Modi government's efforts to ease processes, project a business-friendly environment, and draw in foreign investment. Last year India was ranked 100 in the list.

Malaysia jumps nine positions to occupy the 15th spot in a World Bank ranking on ease of doing business. Besides, the Congress has persistently pointed to what it calls the "failure" of PM Modi's "Make in India" initiative.

As India recorded massive improvement in "Ease of Doing Business ranking", Secretary of Department of Industrial Policy and Promotion said India is recognised among top 10 improvers for the 2nd consecutive year.

India improved on six of the 10 metrics tracked by the World Bank, including obtaining credit and construction permits. "Improvements already been brought about in the enforcement of contracts and taxation and insolvency will reflect in future rankings".

Speaking on World Bank's "Ease of doing business" index, Union Minister Suresh Prabhu said India's latest achievement is team work between the Central, state and local government and the collaborative effort and combination of several interventions has resulted in improvement into this "Ease of doing business" index. This year, the region hosts an economy in the global top 20 grouping, with the UAE's maiden entry in 11th place and one top improver, Djibouti.

India was ranked at the 142nd position among 190 nations when the Modi government came to power in 2014. India also replaced the value added tax with the Goods and Services Tax (GST) for which the registration process is faster in both Delhi and Mumbai, the two cities measured by the "Doing Business" report. It also improved building quality control by introducing decennial liability and insurance.

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Addressing the media on Wednesday, renowned economist and Prime Minister Imran Khan's adviser on commerce, textiles, industries production and investment Abdul Razak Dawood said, "This is the first time Pakistan has improved its ranking in a year since the launch of the report in 2002". We need to crack the code and try and improve on the criterion in which we lack, the FM said.

India performs well in the area of Getting Credit.

Other strengths for Kenya reviewed by World bank include strengthening requirements regulations for minority investors, Increasing shareholder rights and calls for greater corporate transparency.

In New Delhi, Jaitley said a focussed approach would ensure getting within "the 50th rank target is not out of reach".

On global trade, the addition of a second gate at Port Klang with supplementary scanning facilities, the expansion of two terminals, and a reduction in cut-off times were highlighted as contributors to the improved score.