India has for the first time has broken into the club of the 100 nations easiest to conduct business in, driven by ease of paying taxes, resolving the insolvency problem, access to credit, and protection of minority investors.
The World Bank’s ‘Doing Business 2018: Reforming to Create Jobs’ report, released on 31st October 2017, showed India’s rank in ease of doing business jumped 30 places to rank 100. India’s rank was 130 a year ago. India has also been adjudged the fifth best-performing nation globally in reforming the business environment.
The report ranked India top among the South Asian nations. India’s distance to frontier ratio, which tells how similar a country’s economic practices are to global best practices, has improved in nine out of 10 categories. Also, it is now among the top 30 nations in three categories — getting electricity, securing credit and protecting minority investors. In a press release, the World Bank said that India is one of the “top 10 improvers” in the 2018 ranking, because it has implemented reforms in eight out of 10 indicators on the Doing Business ranking. The release said India has improved its business regulations in “absolute terms”, and has thus improved its score on the “distance to frontier” metric in the Doing Business rankings.
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