India climbed 23 spots from a year ago to rank 77 out of 190 countries in the World Bank’s latest report on the ease of doing business.
Modi tweet: Delighted at yet another rise in India’s ‘Ease of Doing Business’ rank. We are unwavering in our commitment towards economic reforms, which will ensure an environment that fosters industry, investment and opportunities. @WorldBank
“The jump in India’s ranking under the [World Bank] ease of doing business is a recognition of recent progressive reforms,” Radhika Rao, an economist with DBS Bank, told CNBC. “This improvement is commendable and timely, even if the benefits of these long-term focused and social plumbing reforms might not buoy growth in the immediate term.”
India is currently battling a volatile rupee and a widening current account deficit while gearing up for next year’s general elections.