Govt reforms pushed up rank: India Inc

New Delhi: India Inc on Thursday cheered as the country jumped 14 places to the 63rd position on the World Bank's ease of doing business ranking, and said the performance was an indicator of the Narendra Modi-led government's reformist credentials.

Industry bodies exuded confidence that India will climb the rankings further to be among the top 50 nations on the World Bank's 'Doing Business' 2020 report, as envisioned by the Prime Minister.

"The reform initiatives aimed at digitising, streamlining and rationalising regulatory compliances and procedures have imparted a huge fillip to the investor sentiment by ensuring faster processes, lower transaction costs and greater transparency," CII Director General Chandrajit Banerjee said.

He said the extraordinary jump in the ranking is an outcome of sustained and consistent multi-year business reforms, especially in the indicators of starting a business, dealing with construction permits, trading across borders and resolving insolvency, where the country has noted remarkable improvement.

"I am confident that this momentum of business reforms will be maintained and India will be among top 50 destinations as was envisioned by our PM," Banerjee said.