India has secured the rank among 190 countries, making it to one of world’s top 10 most improved countries for the third consecutive time.
Last year, India improved its position by 23 places to reach the 77th position. In five years of the Narendra Modi-led government, India’s ranking has jumped 79 places – to 63 in 2019 from 142 in 2014.
India conducted four reforms in one year period to May 1, said the World Bank.
“Among other improvements, India made the process of obtaining a building permit more efficient. Obtaining all permits and authorizations to build a warehouse now costs 4 percent of the warehouse value, down from 5.7 percent the previous year. In addition, authorities enhanced building quality control in Delhi by strengthening professional certification requirements. Importing and exporting also became easier for companies with the creation of a single electronic platform for trade stakeholders, upgrades to port infrastructure and improvements to electronic submission of documents,” it added.
India biggest elevation was secured in “resolving insolvency” category, where it jumped to 52nd rank from 108th, on the back of implementation of the Insolvency and Bankruptcy Code, while its ranking improved substantially in Dealing with Construction Permits (to 27th from 52nd) and “Trading across Borders” (to 68th from 80th).
“Despite some challenges in the implementation of the reform—particularly regarding court operations and the application of the law by multiple stakeholders—the number of reorganizations in India has been gradually increasing. As a result, reorganization has become the most likely procedure for viable companies as measured by Doing Business, increasing the overall recovery rate from 27 to 72 cents on the dollar,” the World Bank said.