India betters its position to 63rd in WB’s Ease of Doing Business rankings
India scaled 14 rungs high to rank 63rd in the World Bank’s Ease of Doing Business 2020 survey. The survey was conducted in 190 countries and India has bettered its position for the third consecutive time.
In the last couple of years, India has upped its position by 79 rungs from 142nd in 2014 to 63rd in 2019. In 2018 to India jumped a remarkable 23 scores high to 77th position from 142nd.
According to the World Bank, India made the process of obtaining a building permit more efficient. It said, “Obtaining all permits and authorizations to build a warehouse now costs 4% of the warehouse value, down from 5.7% the previous year.” India’s position also improved in Dealing with Construction from 52nd to the 27th position.
Similarly, India saw the biggest jump in ranking in ‘resolving insolvency’ category from 108th to 52nd position and Trading across borders from 80th to 68th position.
However, compared to 2018 statistics, India did slip on two parameters -protecting minority investors (from 7th to 13th position) and getting electricity (from 22nd to 25th). It remained unchanged in ‘enforcing contracts’ at 163rd.
It may be noted that the better ranks are due to the government’s initiatives and efforts to join the 50 top economies on the ease of doing business ranking by 2020.