Indian industry hails country's improvement in ease of doing business

Source: Xinhua| 2019-10-25 18:39:00|Editor: Li Xia
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NEW DELHI, Oct. 25 (Xinhua) -- The Indian industry on Friday hailed the country's jump of 14 positions to 63 in terms of ease of doing business, and attributed it to the Centre Government's continuous push for "reforms in governance."

In the latest rankings for countries in ease of doing business, the World Bank had on Thursday placed India at 63rd position out of 190 countries. Last year India stood at 77th position.

The World Bank's indicator measures the performance of countries across ten different dimensions in the 12-month period ending May 1, 2019.

The ten areas 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.

Welcoming the Indian government's continuous push for reforms in governance, President of the Federation of Indian Chambers of Commerce and Industry (FICCI) Sandip Somany said, "India continues to be amongst the top ten improvers in the World Bank's Ease of Doing Business Ranking for the third consecutive year. This sends a strong message to Indian and global investor community about Government's commitment for reforms and making India a better destination for doing business."

According to him, the Indian government was committed towards reforms, and measures taken in the area of trading across borders, construction permits, taxation and others have helped in improving the competitiveness of the industry in the last few years.

The World Bank's ranking put ten countries, i.e. Saudi Arabia, Jordan, Togo, Bahrain, Tajikistan, Pakistan, Kuwait, China, India and Nigeria, as where business climates had improved the most.