India jumps to 77th rank in the Ease of Doing Business Index

India jumps to 77th rank in the Ease of Doing Business Index

News:

1. India has ranked 77th in the annual list, as against 100 last year in the World Bank’s Ease of Doing Business Index 2018.

Important Facts:

2. India has jumped 23 ranks from 2017 becoming the top ranked country in South Asia for the first time and third among the BRICS after China (46) and Russia(31).

3. India has improved its rank by 53 positions in last two years and by 65 positions in last four years, the government noted.

4. India’s rank has improved in six out of 10 indicators.

5. Improvements: The “most dramatic improvements have been registered in the indicators related to ‘Construction Permits’ (where India climbed 129 ranks to 52nd place) and ‘Trading across Borders'”.

6. Dip in rankings:

• Interestingly, India’s ranking actually took a beating in two categories where landmark government reforms were expected to lead to better results.
• In ‘Paying Taxes’, India actually saw its rank slip two notches to 121, despite the implementation of the Goods and Services Tax.
• The World Bank praised India for merging taxes and significantly revising the tax code, but it didn’t lead to a better ranking.

7. About World Bank’s Ease of Doing Business Index :

• It provides objective measures of business regulations and their enforcement.
• The Index ranks 190 countries based on 10 indicators across the life-cycle of a business, from “starting a business” to “resolving insolvency.”