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Analysts at Nomura point put that India’s ranking in the World Bank’s Ease of Doing Business league table has jumped to a high of 77 (of 190 countries), from 100 last year and 130 in 2016 – underscoring a concerted government reform effort to climb from the nadir of 146 in 2014.

Key Quotes

“The biggest improvements were in the categories of construction permits, trading across borders and starting business.”

“India nonetheless remains an inhospitable place to enforce contracts, pay taxes, register property and resolve insolvency, where it features amongst the worst performers. The deterioration is surprising given recent strides in introducing the Goods and Services Tax and the Insolvency and Bankruptcy Code, suggesting that the benefits have yet to percolate down to local businesses and stakeholders.”

“Sustained reforms leading to better scores should eventually translate to a medium-term positive for foreign direct investment, but their effectiveness in easing near-term current account funding pressures remains limited.”