India has jumped 12 places to rank 130th out of 189 countries in the ease of doing business, according to a World Bank report. The organisation's chief economist and senior vice-president Kaushik Basu said that a forward movement of 12 spots in the ease of doing business by an economy of the size of India is a “remarkable achievement", adding that “it gives a good signal about the way things are moving in India".
The World Bank's annual report “Doing Business 2016" report praised India for easing the process of starting a business by eliminating the minimum capital requirement and the need to obtain a certificate to commence business operations. The list is topped by Singapore, followed by New Zealand, Denmark, South Korea, Hong Kong, Britain and the United States.
Finance minister Arun Jaitley welcomed the report, but said that it "does not reflect the full pace of reforms implemented by the government. He added, "A large number of steps which we have already taken are going to be reflected in the rankings next year."