The Indian Prime Minister Narendra Modi has been regarded to keep upheaving India in Global Ranks.
The Indian Economy took a leap to the 23rd spot in the World Bank’s 2018 Ease of Doing Business Ranking in the past week. It occupies the 77th position, up from 100th in 2017.
Additionally, it comes on the top from a leap of 30 spots in the 2017 ranking from the previous year.
This exceptional progress sets India apart It sets India apart from other countries in the regions like Pakistan and Bangladesh, which ranked 136 and 176, respectively.
The impact of government regulations on starting and operating a business is being measured by The Ease of Doing Business measures.
In the meantime, the Indian economy has been springing up to another global ranking which is the World Economic Forum Report (WEFR) competitiveness report.
That report ranks India 40th out of the 137 countries encompassing, the highest it has ever been, up from 71st three years ago.
The question here is, What’s behind India’s enormous rise in the Ease of Doing Business ranking?
In accordance with Vijay Govindarajan Coxe who is an eminent professor at the Tuck School of Business at Dartmouth, there are three factors for the same.
“First, the BJP took power from Congress four years ago. BJP’s agenda is economic growth whereas Congress was all about populism.”
He further adds,
“The perception of India changed. Second, BJP relaxed rules and regulations and made it easier to do business. Third, now that China and the US have two formidable rival blocs, India has emerged as the largest economy for foreign companies seeking growth.”
Udayan Roy who is LIU Professor is doubtful about India’s distraught rise in global rankings.
Roy says, “Frankly, I am stunned ,I have no idea what actual policy changes or improvements in the implementation of existing policies has led to this huge improvement. I hope India can at least maintain the rank in the years ahead. And, we’ll have to see if this translates into higher foreign investment. That’s what India needs.”
In the meantime, refinement in the ease of doing business, the rise in contention, and foreign capital flows have all aided place India among the world’s fourth fastest growing economies.
Still, India’s rise in the world economy has yet to touch the masses. In fact, the average Indian is worse off under Modi.
Lastly, Govindarajan adds, “India still has a long way to go. Hopefully, Prime Minister Modi will continue to accelerate the economic reforms.”