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India records a history jump of 14 places, now ranked 63 in World Bank ease of doing Business

Under PM Modi government, India registered the highest-ever jump in ease of business rankings 2020. The country records a historic jump of 14 notches as it is now ranked 63. In the previous government, India was ranked at 132 in the year 2011 which saw a steady decline in the rankings- 132 in 2012, 132 in 2013 and the lowest ever was 142 in 2014.

Ever since PM Modi took over, there was a steady improvement in the rankings as the country moved to 131, 130, 100 and 77th rank in the years 2015, 2016, 2017 and in 2018 respectively.

India became one of the world’s top 10 most improved countries for the third consecutive time. The sudden rise in the ranking may help India lure multinational companies, looking at alternatives to China for investment amid Beijing’s trade war with the US.

In 2018, India jumped 23 places to reach 77th position. In 5 years of the Modi government, India’s ranking has enhanced 79 places – to 63 in 2019 from 142 in 2014 – a staggering record for a major economy.

The World Bank had mentioned India conducted four reforms in the 12-month period to May 1. “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% of the warehouse value, down from 5.7% 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.

Written by TheYouth team

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