New Delhi, India ranks 100 among 190 countries assessed by the Doing Business Team, a leap of 30 ranks from last year’s rank 130, according to the Doing Business (DB) Report, 2018 released by the World Bank on Saturday.
The Department of Industrial Policy and Promotion (DIPP) announced that the DB Report was an assessment of 190 economies and covers 10 indicators which span the lifecycle of a business.
India has improved its rank in 6 out of 10 indicators and has moved closer to international best practices. (Distance to Frontier score).
The credit for this significant improvement is credited 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 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.
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 DB Report, 2018. India is the only country in South Asia and BRICS economies to feature among most improved economies of the DB Report this year.
In Resolving Insolvency, India’s rank improved from 136 to 103 and strength of insolvency framework index increased from 6 to 8.5.
In Paying Taxes, country’s rank improved from 172 to 119 and total tax rate reduced from 60.6 per cent to 55.3 pc.In Getting Credit , India’s rank improved from 44 to 29 and Distance to Frontier (DTF) score improved from 65 to 75.
While Enforcing Contracts, country’s rank improved from 172 to 164 and cost reduced from 39.6 per cent to 31 pc (per cent of claim), in Protecting Minority Investors, India’s rank improved from 13 to 4 and DTF score improved from 73.33 to 80.
In Construction Permits, rank improved from 185 to 181 and cost reduced from 25.9 per cent to 23.2 per cent of warehouse value, according to a statement here.