India’s ranking on the World Bank’s ‘ease of doing business’ report improved for the second consecutive year, surging 23 places to the 77th position on the back of reforms related to insolvency, taxation and other areas. India was previously ranked 100th in the World Bank’s Doing Business report last year.
World Bank, in its annual ‘Doing Business’ 2019 report, stated India improved its rank on six out of the 10 parameters relating to starting and doing business in a country. These parameters involve around ease of starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts and resolving insolvency.
At the time when the Modi government came in power in 2014, India was ranked at the 142nd position among 190 nations. India inclined to the 100th spot in the last ranking from the 131st rank in the previous year. World Bank has also put India among the top 10 economies to make the most improvements.
Making remarks on the GST implementation, World Bank said, “India replaced the value-added tax with the GST (Goods and Services Tax) for which the registration process is faster. Also, India made paying taxes easier by replacing many indirect taxes with a single indirect tax, the GST, for the entire country.”
In the World Bank’s Doing Business 2019’ report, New Zealand came in the top of the 190 countries, followed by Singapore, Denmark, and Hong Kong. The United States is placed eight whereas China has been ranked 46th.