India takes huge strides in improving Ease Of Doing Business
New Delhi, Oct 24: The World Bank released its latest Doing Business Report (DBR, 2020) today.
India has recorded a jump of 14 positions against its rank of 77 in 2019 to be placed now at 63rd rank among 190 countries assessed by the World Bank.
India's leap of 14 ranks in the Ease of Doing Business ranking is significant considering that there has been a continuous improvement since 2015 and for the third consecutive year India is amongst the top 10 improvers. As a result of continued efforts by the Government, India has improved its rank by 79 positions in the last five years [2014-19].
India has improved its rank in 7 out of 10 indicators and has moved closer to international best practices (Distance to Frontier score). Significant improvements have been registered in 'Resolving Insolvency', 'Dealing with Construction Permits', 'Registering Property', 'Trading across Boards' and 'Paying Taxes' indicators. The changes in seven indicators where India improved its rank are as follows:
The important features of India's performance this year are:
- The World Bank has recognised India as one of the top 10 improvers for the third consecutive year.
- Recovery rate under resolving insolvency has improved significantly from 26.5 per cent to 71.6 per cent.
- The time taken for resolving insolvency has also come down significantly from 4.3 years to 1.6 years.
- India has reduced number of procedures in granting construction permits.
- India continues to maintain its first position among South Asian countries. It was 6th in 2014.