Making a historic progress, India has leaped over 30 positions in the recently released World Bank’s ease of doing business rankings report. The nation has made a significant mark as it has been ranked 100 among 190 countries due to the major reforms and policies introduced and implemented during PM Modi’s regime.
According to the official statistical “Doing Business” report by World Bank, India’s remarkable shift towards best practices is projected via the change in Distance to Frontier (DTF) column. While comparing major world economies on a scale of 1 to 100, 0 signifies the lowest performance and 100 representing the Frontier.
As the World Bank report suggests further, major economies were assessed and evaluated on 11 aspects including overall progress over the years. The benchmark is based on data from New Delhi and Mumbai till June 2017.
The crucial parameters on which the countries were assessed include starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency along with labour market regulation improvement indications.
Speaking about the revolution India is presently witnessing, Rana Kapoor, MD & CEO, YES BANK, stated, “The incremental improvement is driven by construction of insolvency architecture, leveraging digitisation and legal framework for improving tax payments and credit availability, reducing time and cost overruns for construction permits and protection of minority investors. I am confident that GST’s incorporation in next year’s assessment will provide another significant leap in doing-business rankings for India.