Acknowledging India’s impressive improvement in terms of investments, the World Bank has ranked the country among the top 100 nations in its ease of doing business rankings.
The report reveals that for the first time India has jumped 30 places to reach the top 100 nations in the ease of doing business rankings 2017.
The 190-country index is an important benchmark to analyse the competitiveness among countries that assist the businesses in making investment decisions.
India’s impressive performance is accredited to the revolutionary reforms initiated by Prime Minister Narendra Modi -led government in terms of taxation, insolvency laws, and access to credit and others. These investments have helped in generating employment for millions of people across the country.
“India’s performance is not based on efforts of just one year but consistent efforts made over the last three years to continuously improve the regulatory environment of doing business,” Annette Dixon, vice president for South Asia, World Bank.
“It is the result of a number of reforms that the government has undertaken that India is becoming a preferred destination to do business.”
According to the World Bank, India reported improvement in six of the 10 parameters, including such as winning construction permits, enforcing contracts, paying taxes and resolving insolvency.
It, however, reported a decline in terms of starting a business, getting an electricity connection, cross-border trade and registering property.
Explaining the role played by reforms in improving India’s overall ranking, the World Bank said the setting up of debt recovery tribunals brought down non-performing loans by 28 per cent and lowered interest rates on larger loans, indicating that faster processing of debt recovery cases make credit cheaper.
Further, India was also listed among the 10 economies to have shown the most improvement, alongside El Salvador, a Central American Nation, Malawi, a landlocked country in the South Eastern Africa, Nigeria(Gulf of Guinea) and Thailand.
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