India climbs 14 spots, ranks 63 on World Bank's Ease of Doing Business

New Delhi: India climbed 14 spots to rank 63 on the World Bank's Ease of Doing Business ranking, on the back of the government's flagship, Make in India scheme and other reforms attracting foreign investment.

The country also figured among the top 10 performers on the list for the third time in a row. The rankings come at a time when the Reserve Bank of India (RBI), the World Bank, the International Monetary Fund (IMF) and various rating agencies have slashed the nation's growth forecasts amid a slowdown in the global economy.

India was ranked 142nd among 190 nations in 2014, and four years later the ranking jumped to 100th in the World Bank's Doing Business 2018 report. The country ranked at 130 in 2017 lower than Iran and Uganda.

The nation moved ahead 23 places, to the 77th position on the back of reforms related to insolvency, taxation and other areas in 2018.

In the World Bank’s Doing Business 2020 report, it commended the reform efforts undertaken by the country, given the size of India's economy. One of the main reasons for the improvement in India's ranking goes to the successful implementation of the Insolvency and Bankruptcy Code.

Since the implementation of the Insolvency and Bankruptcy Code, over 2,000 companies have used the new law. Of these, about 470 have commenced liquidation and more than 120 have approved reorganisation plans, with the remaining cases still pending.

The report also states that the country has made starting a business easier by abolishing filing fees for the Simplified Proforma for Incorporating a Company Electronically (SPICe) company incorporation form, electronic memorandum of association, and articles of association.

Apart from India, the other countries on this year's top 10 performers list are Saudi Arabia at 62, Jordan at 75, Togo at 97, Bahrain at 43. Apart from this, Tajikistan stood at 106, Pakistan at 108, Kuwait at 83, China at 31 and Nigeria at 131.

New Zealand, Singapore and Hong Kong topped the list in the World Bank's Ease of Doing Business ranking.