The World Bank has recognised India as one of the top improvers for the year. This year, India features among the report’s list of top 10 improvers for the second year in a row. India is the one of only nine countries around the world and only one in BRICS to feature in this list.
The six reforms recognised in this year’s report are starting a business, getting electricity, dealing with construction permits, getting credit, paying taxes and trading across borders.
In dealing with construction permits, India has implemented an online single window system, introduced deemed approvals and reduced the cost for obtaining these permits. In the electricity sector, the time taken for obtaining a new connection has reduced from 105 to 55 days. For resolving insolvency, India has put in place a new Insolvency and Bankruptcy Code and time bound reorganization procedure for corporate debtors