India moved up 14 places to the 63rd position on the World Bank’s ease of doing business ranking after rating agencies slashed the country’s growth forecasts amid an economic slowdown. India also figured among the the top 10 performers for the third time in a row in the list released on Thursday.
India was ranked 142nd among 190 nations when Prime Minister Narendra Modi took office in 2014. Five years of reforms including insolvency and bankruptcy code, GST, among others pushed India to 77th position in 2019. It was 130th in 2017 when it was ranked lower than Iran and Uganda.
In its ‘Doing Business’ 2020 report, the World Bank commended the reform efforts undertaken by the country “given the size of India’s economy”.
“This is the third year in a row that India makes to top 10 in Doing Business, which is a success which very few countries have done over the 20 years of the project, Without exception, the other countries that have done this are very small, population-wise, and homogeneous,” Simeon Djankov, Director of Development Economics at the World bank told PTI in an interview.
“India is the first country of its type to achieve that. It has jumped this year by 14 position,” he said.
Apart from India, the other countries on this year’s ‘top 10 performers’ list are Saudi Arabia (62), Jordan (75), Togo (97), Bahrain (43), Tajikistan (106), Pakistan (108), Kuwait (83), China (31) and Nigeria (131).