India jumps 30 places in World Bank's Ease of Doing Business Report 2018

India jumps 30 places in World Bank's Ease of Doing Business Report 2018

1.The World Bank’s Ease of Doing Business Report 2018 was released on 31 October 2017. There was a significant jump in India’s rankings from 130 last year to 100 this year. The jump signified rapid strides made by India in the realm of Paying Taxes and Insolvency and Bankruptcy reforms.

2. The business environment in India has improved at the fifth fastest pace in the world and India is among the top 10 ‘improvers’ globally, having done better in 8 out of 10 business parameters. The country has jumped 53 places from 172 to 119 on ease of paying taxes, leapt over to the 4th rank on protecting minority investors and moves 15 places from 44 to 29 on ease of businesses getting credit. The most significant jump is in taxation policy parameter.

3. The credit for this significant improvement is attributed to the mantra of “Reform, Perform, Transform” given by Prime Minister Narendra Modi, wherein a strong leadership has provided the political will to carry out comprehensive and complex reforms, supported by a bureaucracy committed to perform. The Government of India has undertaken an extensive exercise of stakeholder consultations, identification of user needs, government process re-engineering to match Government rules and procedures with user expectations and streamlined them to create a more conducive business environment. An extensive exercise is also undertaken to increase awareness among users about reforms to ensure extensive use of newly created systems.

4. This edition of the report acknowledges India as a top improver, with an improvement of 30 ranks compared to last year’s report, the highest jump in rank of any country in the Report 2018.

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