In 2014, when Narendra Modi-led government took office, India was ranked 142nd among 190 nations. After four years of reform, India's ranked improved to 100 in World Bank's ''Doing Business'' 2018 report. Last year, the country jumped 23 places to 77th position due to reforms related to insolvency, taxation and other areas.
In its ''Doing Business'' 2020 report, the World Bank commended the reform efforts undertaken by the country "given the size of India's economy". "The administration's reform efforts targeted all of the areas measured by Doing Business, with a focus on paying taxes, trading across borders, and resolving insolvency. The country has made a substantial leap upward, raising its ease of doing business ranking from 130 in Doing Business 2016 to 63 in Doing Business 2020," the report said.
"Before the implementation of the Insolvency And Bankruptcy Code, it was very burdensome for secured creditors to seize companies in default of their loans," the report said. "Since its implementation, more than 2,000 companies have used the new law. Of these, about 470 have commenced liquidation and more than 120 have approved reorganisation plans, with the remaining cases still pending," it added.
In addition to resolving insolvency, significant improvements were registered in starting business, dealing with construction permits and trading across borders, the report said.
India made trading across borders easier by enabling post clearance audits, integrating trade stakeholders in a single electronic platform, upgrading port infrastructures, and enhancing the electronic submission of documents, the report added.
Saudi Arabia (62), Jordan (75), Togo (97), Bahrain (43), Tajikistan (106), Pakistan (108), Kuwait (83), China (31) and Nigeria (131) are the other countries that are in this year's "top 10 performers" list.
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