FILE PHOTO: An IKEA sign on the construction site for his new store in Hyderabad, India on July 18, 2018. REUTERS / Danish Siddiqui / File Photo
NEW DELHI (Reuters) – Long known for its bureaucracy in India The World Bank has made great strides in improving the outlook for companies in the country, the World Bank said in a report on Wednesday.
India rose 23 places to 77 in the World Bank's Ease of Doing Business Index in 201
The biennial jump is the second largest for any country in the Index, to the delight of the Hindu nationalist government of Prime Minister Narendra Modi, who is preparing for a vote taking place next May.
"We are providing incentives for those doing honest business," said Ramesh Abhishek, an official of the Modi government's Industrial Department, on Wednesday at a news conference.
India improved on six of the World Bank's ten metrics, including obtaining credit and construction permits.
The average import in the country spent less than 100 hours to verify compliance with the limits, the World Bank said, compared to previously more than 250 hours a year.
India's centralized post-independence planned economy was known for the complex licensing system required to run a business in India.
But in recent years, especially since Modi was elected in 2014, the government has called on foreign companies like Apple ( AAPL.O ) and Ikea after years of delays to open factories and businesses.
Reporting by Alasdair Pal; Edited by Martin Howell and David Goodman