India moved up one position in the International Finance Corporation's (IFC) ease of doing business rankings, forcing the Indian government into to claim that many of the reform initiatives undertaken by it in the last one year had not been factored in by the World Bank.
The Doing Business 2017 report released late on Tuesday evening showed that India was placed 130th among 190 countries that had been surveyed for the annual rankings, with Russia, Bhutan, South Africa, China, Nepal, Sri Lanka and Brazil ranking higher. New Zealand replaced Singapore as the easiest place for doing business.
The Doing Business report -- which ranks countries on the basis of Distance to Frontier, an absolute score that measures the gap between India and the global best practice -- India's absolute score improved from 53.93 to 55.27 in the previous year. This is again for the first time that India has improved its absolute score in two consecutive years.
The list of countries in the Doing Business 2017 is topped by New Zealand while Singapore is ranked second. It is followed by Denmark, Hong Kong, South Korea, Norway, the UK, the US, Sweden and former Yugoslav Republic of Macedonia.
The rankings are based on 10 parameters -- starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.