Nation surges 56 places to reach 52nd spot in ‘Resolving Insolvency’, but repeats dismal performance on ‘paying taxes’ and ‘enforcing contracts’
India has risen 14 places to the 63rd spot in the World Bank’s latest ease-of-doing-business global rankings in 2019, after jumping ahead by 23 and 30 places in the past two years, respectively.
The World Bank’s ‘Ease of Doing Business 2020’ report, released on Thursday, showed India’s rank in ease of doing business jump from the 77 place among 190 countries. India had broken into the club of 100 nations easiest to conduct business two years ago when it managed to jump 30 spots from the 130th position.
The World Bank has named India as ‘one of the economies with the most notable improvement’ for the third year in a row, along with Saudi Arabia, Bahrain, Kuwait, and neighboring Pakistan and China. “Given the size of India’s economy, these reform efforts are particularly commendable,” the report said. In 2015 the government’s goal was to join the 50 top economies on the ease of doing business ranking by 2020.
India has been adjudged the ninth-best performing nation in reforming the business environment. The country improved its rankings in 7 of the 10 sub-categories used by the World Bank to judge business climate, as compared to 6 last year.
Resolving insolvency easier
Among categories, the country had the best performance in ‘Resolving Insolvency’ where it jumped by 56 places to become the 52nd easiest place to address bankruptcy. Streamlined procedures allowed by the implementation of the Insolvency and Bankruptcy Code (IBC) are largely to thank for this…
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