India is slowly becoming a hassle free place to do business.

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In the World Bank's annual 'Doing Business 2019' report, India has vaulted up the rankings with wide-ranging reforms designed to give businesses and entrepreneurs fewer headaches. The nation jumped to 77th position from 100th place last year after slashing border compliance times.

India was ranked at the 142nd position among 190 nations when Prime Minister Narendra Modi's government came to power in 2014. It rose to the 100th spot in the last ranking from 131st rank in the previous year.

India's jump from 142nd spot to 77th spot this year is highest since 2006, based on data available. Also this is the third straight year of improvement in India's ranking on the index.

Since Modi took charge, he has announced the country's biggest tax reform, overhauled a century-old bankruptcy law and revived stalled projects.

The government has also tried to revive investments by easing business regulations. The Modi administration advocated lower interest rates to jump start the economy after the 2016 demonetisation-induced slowdown and as companies found themselves loaded with debt.

"The BJP-led government, since coming to the power, has reduced red-tape and corruption, and its reforms have ensured India jumps ranks from 142 to 77," Finance Minister Arun Jaitley said on Wednesday.

However, skeptics say the spectacular rise in India’s ease of business rankings is driven more by methodological changes, and less by domestic initiatives, as research by Justin Sandfeur and Divyanshi Wadhwa of the US-based think tank, CGDev, showed.

First Published:Nov 1, 2018 1:11 PM IST