India jumps 23 places to secure 77th rank

India is now at 77 on the World Bank’s ease of doing business climbing 23 places

India is now at 77 on the World Bank’s ease of doing business climbing 23 places

The report further says last year's decision to introduce an online system to pay fees has helped cut the time required for a business to register property from 61 days to 49.

Four years of reform pushed up India's rank to 100th in World Bank's "Doing Business" 2018 report.

The two-year jump is the second largest for any country on the index, to the delight of Prime Minister Narendra Modi's Bharatiya Janata Party government as it prepares for an election due to be held by next May. Besides, the Congress has persistently pointed to what it calls the "failure" of PM Modi's "Make in India" initiative.

However, compared to previous year, India saw its ranking dip on various other parameters, such as "registering property", "protecting minority investors", "paying taxes" and "resolving insolvency".

- This year's top 10 improvers, based on reforms undertaken, are Afghanistan, Djibouti, China, Azerbaijan, India, Togo, Kenya, Côte d'Ivoire, Turkey and Rwanda.

The most dramatic improvements were registered in the indicators related to "Construction Permits" and "Trading across Borders".

In 2017, the World Bank had noted in its last report that India lagged in areas such as starting a business, enforcing contracts, registering property, trading across borders and dealing with construction permits.

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India has improved its rank in 6 out of 10 indicators and has moved closer to global best practices (Distance to Frontier score) on 7 out of the 10 indicators.

Capitalizing on these improvements, there are more opportunities for improvement in many other Doing Business areas. It also improved building quality control by introducing decennial liability and insurance.

"The improvement is excellent news for India, and good news for the business community", Commerce Minister Suresh Prabhu said on Wednesday. It now takes seven days to start a business, as opposed to being 10 days previously. "You have to crack the code and try and improve on the criterion in which we lack". India made Paying Taxes easier by merging diverse sales taxes into a single General Sales Tax (GST).

And, importing and exporting was made more efficient for a third consecutive year.

The report lauded India for investing in port equipment, strengthening management and improving electronic document flow. As a result, the time needed for exporters to comply with documentation requirements was reduced to 14 hours, from 38 hours.

On worldwide trade, the addition of a second gate at Port Klang with supplementary scanning facilities, the expansion of two terminals, and a reduction in cut-off times were highlighted as contributors to the improved score.

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