According to the World Bank Doing Business Report 2020 released on 24th October 2019, India has achieved a score of 71 & has jumped 14 points to secure the 63rd rank among 190 nations in the Ease of Doing Business index.
The country also stands firmly in the list of Top 10 Improvers for the third year in a row, something that has been achieved in the past by other countries that are smaller in terms of population & are homogeneous, as compared to India.
This surge was seen mainly due to the successful execution of the Insolvency & Bankruptcy Code before which, secured creditors had to undergo an arduous process in order to seize the companies when they default.
Significant improvements have also been made in the process of obtaining a building permit & creating a single platform for trade stakeholders, electronic submission of documents & upgrades to port infrastructure for easy import & export.
In line with the Centre’s goal to join the Top 50 Economies on the Ease of Doing Business index by 2020, FM Nirmala Sitharaman talks about taking concrete steps towards further improving all 10 parameters that determine India’s place in the world. Will the Modi regime be able to create history? Only time will tell.