India now ranks 130 out of 189 countries in the ease of doing business, moving up 12 places from last year, according to a World Bank report. Singapore remains the easiest place to do business, while developing countries stepped up their pace of business-friendly reforms in the past year.
There were barely any changes in the report's top 10, according to adjusted data using this year's criteria for both the 2015 and 2016 rankings.
New Zealand remained in the number-two position, followed by Denmark (3), South Korea (4), Hong Kong (5), Britain (6) and the United States (7). Sweden moved up a notch to number eight, switching places with Norway. Finland kept its 10th place.
The World Bank's annual "Doing Business" report, now in its 13th year, looks at the regulatory environment for small and medium-sized companies to see how it hampers or helps them conduct business, from starting up and paying taxes to registering property and trading across borders.
"A modern economy cannot function without regulation and, at the same time, it can be brought to a standstill through poor and cumbersome regulation," said Kaushik Basu, World Bank chief economist.
"The challenge of development is to tread this narrow path by identifying regulations that are good and necessary, and shunning ones that thwart creativity and hamper the functioning of small and medium enterprises."
Significant improvement for India
"A forward movement of 12 spots in the ease of doing business by an economy of the size of India is a 'remarkable achievement," Basu was quoted as saying by PTI.
There were barely any changes in the report's top 10, according to adjusted data using this year's criteria for both the 2015 and 2016 rankings.
New Zealand remained in the number-two position, followed by Denmark (3), South Korea (4), Hong Kong (5), Britain (6) and the United States (7). Sweden moved up a notch to number eight, switching places with Norway. Finland kept its 10th place.
The World Bank's annual "Doing Business" report, now in its 13th year, looks at the regulatory environment for small and medium-sized companies to see how it hampers or helps them conduct business, from starting up and paying taxes to registering property and trading across borders.
"A modern economy cannot function without regulation and, at the same time, it can be brought to a standstill through poor and cumbersome regulation," said Kaushik Basu, World Bank chief economist.
"The challenge of development is to tread this narrow path by identifying regulations that are good and necessary, and shunning ones that thwart creativity and hamper the functioning of small and medium enterprises."
Significant improvement for India
"A forward movement of 12 spots in the ease of doing business by an economy of the size of India is a 'remarkable achievement," Basu was quoted as saying by PTI.
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