GS 3: Indian Economy | Issues relating growth and development

Why in News?

• The World Bank released its latest Doing Business Report (DBR, 2019) in New Delhi.
• India’s Performance:
• India has recorded a jump of 23 positions against its rank of 100 in 2017.
• It is placed now at 77thrank among 190 countries with a leap of 23 ranks.
• The DBR ranks countries on the basis of Distance to Frontier (DTF), a score that shows the gap of an economy to the global best practice.
• This year, India’s DTF score improved to 67.23 from 60.76 in the previous year.
• As a result of continued efforts by the Government, India has improved its rank by 53 positions in last two years and 65positions in last four years.

Doing Business Assessment of India:

• The Doing Business assessment provides objective measures of business regulations and their enforcement across 190 economies on ten parameters affecting a business through its life cycle.
• India has improved its rank in 6 out of 10 indicators and has moved closer to international best practices (Distance to Frontier score) on 7 out of the 10 indicators.

Important features of India’s performance this year are:

• The World Bank has recognized India as one of the top improvers for the year.
• This is the second consecutive year for which India has been recognized as one of the top improvers.
• India is the first BRICS and South Asian country to be recognized as top improvers in consecutive years.
• India has recorded the highest improvement in two years by any large country since 2011 in the Doing business assessment by improving its rank by 53 positions.
• As a result of continued performance, India is now placed at first position among South Asian countries as against 6th in 2014.