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India jumps 12 places to 130 in ease of doing business
28
Oct '15
India now ranks 130 out of 189 countries in the ease of doing business, moving up 12 places from last year, according to a World Bank report.

Singapore topped the list in the World Bank annual report 'Doing Business 2016'. The island nation is followed by New Zealand, Denmark, South Korea, Hong Kong, Britain and the US.

The World Bank said India, which has a global ranking of 130, implemented two reforms during the past year. For example, in starting a business, India eliminated the requirements for a paid-in minimum capital and a certificate to commence business operations, significantly streamlining the process for starting a business.

“A forward movement of 12 spots in the ease of doing business by an economy of the size of India is a remarkable achievement,” World Bank's Chief Economist and Senior Vice President Kaushik Basu said.

Improving India's ease of doing business ranking has been a focus area of the Narendra Modi government since May 2014, and its efforts came in for praise by Augusto Lopez-Claros, Director of the WB Global Indicators Group, which brings out the report.

Claros said that the potential for rapid economic growth in India is very high, India has very favourable demographics, and to the extent that some of the bottlenecks that the Doing Business data identified in India are removed, the potential benefits could be quite large, he said.

China moved up six places to 84th place while Pakistan slipped 10 places to end at 138th place. (SH)

Fibre2Fashion News Desk – India

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