India ranks 77th in ease of doing business rankings

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The rankings of countries in the report indicate competitiveness as well as highlights the areas where reforms are immediately needed to improve business climate in the country.

"The ultimate objective is to go to the top of the list", he added.

Hong Kong performed best when it came to ease of dealing with construction permits (1), paying taxes (1), getting electricity (3) and starting a business (5).

The two-year jump is the second largest for any country on the index, to the delight of Prime Minister Narendra Modi's Bharatiya Janata Party government as it prepares for an election due to be held by next May. This year, the region hosts an economy in the global top 20 grouping, with the UAE's maiden entry in 11th place and one top improver, Djibouti. Among South Asian countries, it is now easiest to do business in India. Getting electricity and trading across borders also saw reforms in the two cities. In addition, Mumbai abolished the practice of site inspections for registering companies under the Shops and Establishments Act. It also improved building quality control by introducing decennial liability and insurance. In Lao PDR, it takes 174 days.

"These efforts have had transformative and positive effects on the judicial system as a whole, but also in the areas of commercial litigation and insolvency specifically", the report said. Today, we are at Rank 77.

What is the Ease of Doing Business Index? "

We may have a few rotten apples, but I can assure you that the bulk of the Civil Service is a committed group of people determined to see the improvement of their country and betterment of the lives of citizens", noted the Head of State.
The country has moved over 60 places under the current government.

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A total of 25 reforms were carried out in Latin America and the Caribbean in the past year.

However, the report found Malaysia to not have made significant headway in the ease of securing credit (32nd), contract enforcement (33rd), and tax payments (72nd). The latest reform initiatives included electronic submission of documents and upgrading of port infrastructure. A second study finds that regular training for customs clearance officials and brokers results in lower border and documentary compliance times, easing the movement of goods across borders.

To improve its position, India should look at the areas where it needs to change.

Nevertheless, the government acknowledged the need to further enhance access to credit, noting the right of borrowers to access their data, online access to credit information by banks and financial institutions, and credit scores. The Bank says in the report that the country has made great strides in registration of property, protecting minority investors and cutting time spent on filing tax returns.

The Philippines previous year obtained a score of 58.74 under a different scoring system, called "distance to frontier", which measured how far an economy was from the best performing economy.