Improved business ranking testament to Modi govt's extensive and wide ranging reforms: USIBC

The new ease of doing business report that puts India at 63rd ranking is a testament to the extensive and wide-ranging reforms carried out by Prime Minister Narendra Modi, a top American business advocacy group said on Thursday.

"Congratulations to Prime Minister Modi and the Government of India on consistent and continued progress on ease of doing business," US-India Business Council president Nisha Desai Biswal said.

India climbed 14 rungs in the World Bank's Ease of Doing Business ranking to stand at the 63rd position and figured among the world's top 10 most improved countries for the third consecutive time on the back of faster bankruptcy resolution and issuance of construction permits.

"It's a testament to the Modi government's extensive and wide-ranging reforms that India has climbed to 63rd in the World Bank's 2020 Ease of Doing Business Index, up 79 places since the Prime Minister took office in 2014, said Biswal.

Biswal, who was the Assistant Secretary of State for South and Central Asia during the previous Obama Administration, said that if the Indian government continues its rapid pace of reforms, the USIBC fully expects to see India crack the top 50 in the ease of doing business rankings.

"In particular, USIBC applauds measures to reduce the filing and construction costs associated with starting a new business, address insolvency, and create single-window platforms to facilitate cross-border trade, which all contributed to India's rise," Biswal added.