On the day when India celebrated the world’s tallest statue of its remarkable leader Sardar Vallabhbhai Patel, who lent his voice for the expansion of business and industries in India, India’s rank in the ‘Ease of Doing Business’ Index has improved substantially. Going up by 23 places since last year, India now stands at 77th rank in the World Bank’s ‘Doing Business Report – 2019’. This is another significant jump in India’s rank after it first broke into the Top 100 business friendly countries in the year 2017, improving by an appreciable 30 places as compared to the previous year.
Here is the infographic that shows how India has fared in the ‘Ease of Doing Business’ Index after 2014.
The construction sector has seen the highest jump to 52nd rank, a jump of 129 spots in 2018 from 181st place in 2017. Last year, it was electricity sector which saw similarly huge improvement in the ranking.
Interestingly, this big jump by India in the Ease of Doing Business index, which comes from an institution of repute like World Bank, shows the commitment of the government as well as the universal acknowledgement of India’s economic transformation.
Above graph suggest that India has taken a big jump in the ‘Ease of Doing Business’ Index. It has moved from 142nd position in 2014 to 77th position in 2018. This evidently shows the unrelenting commitment of the Modi Government in improving the business-friendly environment in India. Right from GST to Start-up India, Prime Minister Narendra Modi has taken many leads in various areas, thus, making life way easier for entrepreneurship and innovation in the country.
Further, India has received its all-time high Foreign Direct Investment (FDI) of US$61.96 billion in 2017-18 due to this constant improvement in the ease of doing business in the country.
It is to recall that India recently became the sixth largest economy in the world in terms of absolute terms surpassing France. Ease of Doing Business plays a significant part in the GDP expansion.
With more reforms on the agenda, India’s rank is likely to improve further in the coming years, bringing in more business and FDI in the country. It is thus on the people of India now to continue with the momentum generated by the Prime Minister Narendra Modi.