World Bank’s Ease of Doing Business
India was raked 63rd in World Bank’s Ease of Doing Business ranking released on October 24, 2019. The ranking comes when the leading financing institutions including RBI, World Bank and IMF are slashing country’s growth forecasts. In 2014, India was ranked 142 among 190 countries. As compared to 2018, India moved up 14 places in the ranking mainly due to several reforms in the trade and commerce sector.
Highlights
- India for the third time in a row was among the top 10 performers on the list.
- The other top 10 performers other than India were Saudi Arabia at rank 62, Togo in the African continent at rank 97, Jordan (75), Tajikistan, Pakistan at rank 108, Kuwait (83), China (31) and Nigeria (131)
- In 2015, India set a goal to join top 50 economies on ease of doing business ranking by 2020.
- The experts believe that resolving insolvency with the Bankruptcy law, tax reforms, trading across borders, initiatives like Make in India are the major reasons for the leap in the rank
Ease of Doing Business
The ranking is framed based on 10 indices. It includes starting a business, registering a property, dealing with construction permits, getting credit, paying taxes, enforcing contracts, trading across borders, protecting investors, etc. The first set of ranking was prepared by the world Bank in 2003.
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Month: Current Affairs - October, 2019