India Ranked 63rd in Ease of Doing Business 2020
In latest World Bank report released just now for the year of 2020 India ranked 63rd position for ease of doing business among all 190 countries. India improved its position by 14 steps. India is among those top 10 nations which has improved its position with high number of steps.
India has improved its position very high in many areas for doing business regarding with last year. You can understand it with this chart.
The sharp rise in the ranking underscores the reformist credentials of the Narendra Modi-led National Democratic Alliance (NDA) government and may help the country lure multinational companies, looking at alternatives to China for investment amid Beijing’s trade war with the US.
Last year, India jumped 23 places to reach 77th position. In five years of the Modi government, India’s ranking has improved 79 places - to 63 in 2019 from 142 in 2014 - a record for a major economy.
“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.
The main significant improvement in ranking was in trading across borders. India’s ranking for cross-border trade improved by 66 places to 80. That’s because of various initiatives taken to reduce the time and cost to export goods.
GST makes a vital role for improvement of India’s ranking in Ease of Doing Business.
India has improved its rank by 66 positions in the last three years, and 79 positions in the last four years (2014-19).
Now below are the list of BRICS nations ranking in Ease of Doing Business.
- Russia- 28th
- China- 31st
- India- 63rd
- South Africa-84th
Finally we can say that our job is half done and we have to do more and more to improve our ranking in Ease of Doing Business. But we are in the right way and doing it very fast this fast action and right path will bring success for us and soon India will be in the top 50 nation for Ease of Doing Business.
Data Source World Bank Doing Business 2020