DAINIK NATION BUREAU
India leapfrogged to the 77th rank in the World Bank’s latest Ease of Doing Business rankings, jumping 23 notches from last year, a news that is likely to bring cheer for the Narendra Modi-government that is caught in an apparent turf battle with the Reserve Bank of India (RBI).
The report also recognises India as one of the top 10 improvers in this year’s assessment, for the second successive time. India is the only large country this year to have achieved such a significant shift.
The jump is significant, as it comes after last year’s 30-rung climb when India moved into the top 100 rankings among 190 countries.
This means last year India improved its business regulations in absolute terms – indicating that the country is continuing its steady shift towards global standards.
In the ‘Trading Among Borders’ indicator, India’s rank improved by 66 positions, moving from 146 in 2017 to 80 in 2018.
India reduced the time and cost to export and import through various initiatives, including the implementation of electronic sealing of containers, the upgrading of port infrastructure and allowing electronic submission of supporting documents with digital signatures, the World Bank said.
In the World Bank Group’s annual ease of doing business rankings, the top 10 economies are New Zealand, Singapore and Denmark, which retain their first, second and third spots, respectively, for a second consecutive year, followed by Hong Kong SAR, China; Republic of Korea; Georgia; Norway; United States; United Kingdom and FYR Macedonia. MONEYCONTROL