India has remarkably improved in ease of doing business, reported World Bank in its ease of doing business 2020 survey.
India has recorded a jump of 14 positions to the 63rd among 190 countries as per the World Bank.
According to the report issued by World Bank on Thursday, India appeared among top-10 improvers for the third time in a row. The Bank lauded New Delhi for a "remarkable reform effort".
"In economies on the list of 10 top improvers, leaders of India and China adopted the Doing Business indicators as a core component of their reform strategies," said the World Bank.
The World Bank also praised Prime Minister Narendra Modi's "Make in India" campaign which focused on attracting foreign investment, boosting the private sector--manufacturing in particular--and enhancing the country's overall competitiveness.
Last year India was ranked 77th. In six years of the Narendra Modi government, India's ranking improved 79 places from 142nd in 2014 to 63th in 2019, a record for a major economy.
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Launched in 2003 by the World Bank, the 'Ease of Doing Business' report is an independent objective assessment of business regulation across 190 economies which covers the lifecycle of a business from end to end in 10 indicators - starting a business, construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.
India has improved its rank in 7 out of 10 indicators and has moved closer to international best practices (Distance to Frontier score). Significant improvements have been registered in 'Resolving Insolvency', 'Dealing with Construction Permits', 'Registering Property', 'Trading across Boards' and 'Paying Taxes' indicators. The changes in seven indicators where India improved its rank are as follows:
In India, the report said, the 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.
"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 per cent of the warehouse value, down from 5.7 per cent 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.