India 63rd on World Bank's Ease of Doing Business rankingLast updated on Oct 24, 2019, 11:47 am
India moved up 14 ranks to take the 63rd spot on the World Bank's Ease of Doing Business ranking released today.
With the leap, India became one of the world's top 10 most improved countries for the third time in a row.
Last year, India had jumped 23 places from the year before to rank 77th.
World Bank lauded India's efforts in 2020 report
With a 3.5 score, India ranked ninth on the most-improved list on the World Bank index.
Besides India, the top 10 performers list includes Saudi Arabia (overall rank 62), Jordan (75), Togo (97), Bahrain (43), Tajikistan (106), Pakistan (108), Kuwait (83), China (31) and Nigeria (131).
Pakistan was ranked sixth on the top 10 performers list, with a score of 5.6.
'Very few countries achieved this success over 20 years'
Speaking to PTI about India being listed among the top 10 performers for the third consecutive year, Simeon Djankov, Director of Development Economics at World Bank, said it's a "success which very few countries have done over the 20 years of the project."
He added, "India is the first country of its type to achieve that. It has jumped this year by 14 position."
World Bank recognizes Modi's 'Make in India' campaign
The World Bank report recognized the efforts of Prime Minister Narendra Modi's "Make in India" campaign.
It lauded the campaign's focus on attracting foreign investment, boosting the private sector, and enhancing the country's overall competitiveness.
Notably, when PM Modi first took office in 2014, India was ranked 142nd on the list of 190 nations. Ever since, India has climbed up the ladder.
India now looks forward to making it to top 50
In 2015, India had set a goal to make it to the world's top 50 economies on the index by the year 2020.
While it's only going to get tougher to move ahead, Djankov said that India is on track to make it to top 50.
To do so, Djankov added India needs to announce and start implementing its next set of ambitious reforms.