The recent ascent of India on the Ease of Doing Business rankings by World Bank has received much attention and applauds. Let’s try to comprehend what this achievement really means
In the latest edition of the World Bank’s Ease of Doing Business Rankings, India has made significant progress and jumped 30 ranks from the previous year to be placed at 100 among 190 countries. The feat has been a result of multiple interventions and policy changes initiated by the government in the past, which has been unanimously applauded by business and industry leaders alike. Let us take closer look at how India has achieved this ranking through initiatives, and what it means for businesses in general.
Moving up step-by-step
The World Bank’s Ease of Doing Business Report 2018 mentions India as one of the ten countries that have improved their ranks by the widest margins since the last year. With its foray into the Top 100 for the first time, India is now only second to Bhutan (Rank: 75) in the South Asian region. Of the 10 parameters that constitute the index, India improved in six this year and implemented reforms in eight. The 30-rank surge this year is remarkable, because last year, India had managed to improve its ranking by a single position only, reaching 130, from 131 in 2016. The report mentions that the improvement is a result of the positive impacts of ‘sustained business reforms’ that have been carried out over the last few years.
It is important to note that the new ranking does not take into account two big-bang changes that the Indian economy witnessed in the last year. While the introduction of GST did not fall in the time frame (reforms until June 1 were eligible for review) and will be incorporated next year; demonetization, being a one-off and unique event in India was also not considered, as being an incomparable factor. In the light of these facts, it becomes important to identify the factors that led to the dramatic rise of India’s rank.
Primary enablers
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