Prime Minister Narendra Modi Monday set an ambitious target of India breaking into top 50 nations on the World Bank's ease of doing business ranking and said efforts are on to nearly double the size of country's economy to $5 trillion.
In his opening remarks at a meeting called on ease of doing business ranking with the Indian industry, Modi said the era of policy paralysis has ended and his government was giving policy-based governance that has helped catapult the country from 142nd rank among 190 nations on the World Bank's ease of doing business ranking in 2014 to 77th position this year.
Reforms will continue and procedures would be further eased to make it easier for companies to do business in the country, he said adding efforts are on to increase the size of the economy to $5 trillion.
India was ranked 142nd among 190 nations when the Narendra Modi's government took office in 2014.
At that time, the country was battling perceptions of excess red-tape and policy paralysis, Modi said.
Four years of reform pushed up India's rank to 100th in World Bank's 'Doing Business' 2018 report. It was 130th in 2017 when India was ranked lower than Iran and Uganda.
In its annual 'Doing Business' 2019 report, India secured 77th position. New Zealand tops the list, followed by Singapore, Denmark and Hong Kong. The United States is placed at 8th and China ranked 46th. Neighbouring Pakistan is placed at 136.
India has improved its ranking by 53 positions in the last two years and 65 places in four years since 2014.
The World Bank ranks 190 countries based on 10 parameters, including starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts, and resolving insolvency.