World Bank president Jim Yong Kim Friday described India’s jump in the ease of doing business index as a “historic and unprecedented achievement”.
Kim made these remarks during a telephonic conversation with Prime Minister Narendra Modi, a statement from the Prime Minister’s Office said.
Kim congratulated the Prime Minister for India’s “historic rise” in the ranking.
He said it is remarkable that a nation of over 1.25 billion people has achieved a rise of 65 ranks in a short period of four years.
He also that this has been made possible, in large measure, due to the unwavering commitment and leadership of Prime Minister Modi. He described this as a historic, and unprecedented achievement, the statement said quoting him.
The World Bank chief also recalled the recent honours received by the Prime Minister, including the UNEP Champions of the Earth Award and the Seoul Peace Prize, and congratulated him for the same.
Kim promised the World Bank’s “unflinching and continued support” to India’s initiatives on ease of doing business.
PM Modi thanked the World Bank president for the institution’s continued guidance and support in India’s efforts to improve ease of doing business.
He added that the World Bank’s rankings are a source of inspiration for India, in its quest to improve ease of doing business, the statement said.
India has jumped 23 places to the 77th position in the World Bank’s ‘ease of doing business’ ranking released Wednesday, a development that could help the country attract more foreign investments.
India was ranked 100th in the World Bank’s Doing Business Report last year.
The ranking comes as a shot in the arm for the Narendra Modi government which faces strong dissenting voices from opposition parties ahead of the general elections next year.
In its annual report ‘Doing Business’ 2019 report, World Bank said India improved on six of the 10 parameters relating to starting and doing business in a country.
These parameters include ease of starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts and resolving insolvency.
India was ranked at the 142nd position among 190 nations when the Modi government came to power in 2014.
It rose to 100th spot in the last ranking from the 131st rank in the previous year.
New Zealand topped the list of 190 countries in ease of doing business, followed by Singapore, Denmark, and Hong Kong.
The United States is placed eight and China has been ranked 46th. Neighbouring Pakistan is placed at 136. World Bank put India among the top 10 economies to make the most improvements.