It is certainly a significant achievement for India as it jumps 12 places up in ‘Ease of doing business’ rankings according to a report by the World Bank. India now stands at the 130th position as against 142 last year out of total 189 countries.
“A forward movement of 12 spots in the ease of doing business by an economy of the size of India is a ‘remarkable achievement,” said Kaushik Basu, World Bank chief economist. According to the report, Singapore still remains at the top position followed by New Zealand, Denmark, South Korea, Hong Kong, Britain etc.
How does World Bank Calculate the Rankings?
The annual report looks at the regulatory environment for small and medium enterprises in a country and how it helps the SMEs on following key metrics including starting up processes, tax payments, property registration, trading across borders etc. The objective is to find out regulations which are good and removing the ones which are hampering the growth of SMEs.
“A modern economy cannot function without regulation and, at the same time, it can be brought to a standstill through poor and cumbersome regulation,” Kaushik added.
It looks that PM Modi’s sustainable development agenda seem to be working for India. Hope India’s rank gets better & better every year.
News source – TOI
Featured image – Oneindia
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