India expects 30 points jump in World Bank's Ease of Doing Business 2018 rankings

The World Bank is scheduled to release its 'Ease of doing Business- 2018' later in the evening today. The World Bank compares different economies and find out how business friendly they are in terms of rules and regulations. Under the ease of doing business index, a higher ranking - a low numerical value - means the country's rules and regulations for businesses are favourable and the environment is business friendly. In its 2017 edition, the World bank ranked India at 130th position among the 190 countries.  

The World Bank's Ease of Doing Business index ranks the nation based on the 10 indicators. These indicators are:  Starting a business, Dealing with construction permits, Getting electricity, Registering property, Getting credit, Protecting minority investors, Paying taxes, Trading across borders, Enforcing contracts and Resolving insolvency. Each one of these indicators carry equal weightage.

While the ranking is yet to be released, the government is expecting at least 30 points jump as it has initiated multiple reforms this year. India is expecting to break into the top 100 nations. Some reports suggest that the country is hoping to improve its rankings in three indicators: starting a business, dealing with construction permits and resolving insolvency.  In 2016, the government passed the insolvency and bankruptcy code to deal with failed businesses.

In the World Bank's 'Doing Business' 2017 report, India's place remained unchanged from last year's original ranking of 130 among the 190 economies that were assessed on various parameters. The government however was not satisafied with the rankings as, it said, the World Bank did not capture the reforms undertaken by the Centre and states. 

Soon after 'Doing Business 2017' report, Prime Minister Narendra Modi asked the officials to ramp up the efforts to introduce reforms and push for India's improved rankings. The Prime Minister is known for making business friendly environment and cutting down the bureaucratic interface by introducing online process.