The World Bank Group’s Doing Business 2020 report has collated and documented the various reforms across 10 areas of business activity in 190 economies over a 12-month period ending May 1, 2019. The study is the 17th in an annual series that evaluates regulations enhancing or constraining business activity for small and medium-sized enterprises.
According to the latest edition, India is part of the listing that displays the top ten economies where business climates improved the most. Reportedly, this is the country’s third time in a row to be featured on the list. The other top performing economies sharing the platform with India are the nations of Saudi Arabia, Jordan, Togo, Bahrain, Tajikistan, Pakistan, Kuwait, China and Nigeria.
The 10 areas measured in the report, along with India’s standing with respective to each of them are: Starting a business (to 136th from 137th), dealing with construction permits (to 27th from 52nd), getting electricity (to 22nd from 24th), registering property (to 154th from 166th), getting credit (to 25th from 22nd), protecting minority investors (to 13th from 7th), paying taxes (to 115th from 121st), trading across borders (to 68th from 80th), enforcing contracts (stayed at 163rd), and resolving insolvency (to 52nd from 108th). One additional area, employing workers, is also measured but is not included in the rankings.
The study put India on the 63rd position, with a jump of 14 places compared to the last report published by the World Bank Group. The country was 77th among 190 countries in the previous ranking.
Commenting on the country’s successful jump ahead, Rakesh Reddy, Director, Aparna Constructions & Estates, says “India has enacted many policy interventions over the past few years, especially in real estate, which undoubtedly has a far-reaching impact on India’s overall economic performance. These transformative reforms have resulted in India improving 14 places to rank 63rd in the World Bank Ease of Doing Business ranking. The Real Estate Regulatory Act (RERA) has revived consumer confidence and laid the foundation for massive growth. RERA has the potential to be the most significant among these reforms. The reduction in GST on under-construction properties and affordable housing has also had positive implications for the sector.”
Amongst South Asian countries, India continues to be the region’s top-ranked economy.