World Bank ranks India 63rd on the ease of Doing Business Index

The rankings were released on Thursday based on the World Bank's analysis of the performance of 190 economies across the globe in formulating and implementing regulatory reforms in relation to starting a business in a country

Last year, India had jumped 23 places to be ranked 77th among 190 countries.

The improvement in the ease of doing business is being viewed as the result of reforms made by the Narendra Modi government.

“Sustained business reforms over the past several years has helped India jump 14 places to move to 63rd position in this year’s global ease of Doing Business rankings. India put in place four new business reforms during the past year and earned a place in among the world’s top ten improvers for the third consecutive year,” the World Bank said in its study.

India and other top improvers implemented as many as 59 regulatory reforms in 2018-19, the study said, adding that the reforms accounted for one-fifth of the total reforms made globally, the study said.

The report appreciated the 2016 insolvency and bankruptcy code as part of the corporate reforms, which improved recovery by creditors despite some implementation challenges, the study noted.

However, India needs to go a long way in various other aspects like enforcing contracts, registering property and resolving a commercial dispute, the study said.