Ease of doing business: India jumps 23 ranks
After India climbed 23 ranks in the World Bank’s Ease of Doing Business index to 77th place, Prime Minister Narendra Modi has set an ambitious target for the country: To make it to the top 50!
As Durga Shanker Mishra, Secretary, Ministry of Housing and Urban Affairs, informed the media at a NAREDCO event, “An unprecedented jump of 129 places in just one go was achieved by the country. Last year, we were a little disappointed as our rank was 181, from 184. But with the efforts and hard work of the Indian Government and the state governments leaving no stone unturned, we have managed to achieve a remarkable milestone.”
In accordance with the Prime Minister’s Developed India by 2020 plan, Mishra added, “By March 2019, we plan on permitting a 100-per-cent ease of doing business structure throughout the country. The Prime Minister intends coming in the top 50, which will also trigger the target of a $5-trillion economy with multitudes of development in movement that will improve the quality of life of the country.”
India was ranked 142nd among 190 nations in 2014 and 130th in 2017. However, four years of reform pushed up India's rank to 100th in the World Bank's Doing Business 2018 report. India has improved its ranking by 53 positions in the past two years and 65 places in four years since 2014.
The World Bank’s Doing Business report weighs how easy or difficult it is for private enterprises to meet government regulations and ranks 190 countries based on 10 parameters, including starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts and resolving insolvency.
As reported, the Indian Government is working on a new industrial policy to blend realities with progress. To invite innovative ideas based on Artificial Intelligence, the Internet of Things, big data analytics, blockchain and other cutting-edge technologies to reform government processes, the Prime Minister has also launched the Ease of Doing Business Grand Challenge – the platform for this is the Startup India Portal.