The report captures reforms implemented in 190 countries between the period June 2, 2016 to June 1, 2017.
Now in its 15th year, the annual report tracks indicator areas such as the ease of starting a business, connecting to power grids, contract enforcement, taxes and bankruptcy proceedings, and then scores countries for their commercial environments and improvements made over time.
Talking exclusively to ANI, Dixon said, "If we see continued leadership and coordination, we would expect India to continue to make good progress in coming years". The International Monetary Fund expects the economy to grow 6.7% this year - slower than China, he said.
Having "failed" India's economy by sheer adhocism and inexperience, the BJP government is allegedly clutching at straws to stay afloat as it sinks the economy and hurts trade and businesses, he added. The region's lowest ranked economies are Afghanistan (183) and Bangladesh (177). India was the only economy in South Asia to become the top improver in ease of doing business. The World Bank, he said, has named 10 countries where structural reforms have been taken.
"Crores of job losses in the informal sector have resulted in a "cease of doing small businesses".
"Historic jump in Ease of Doing Business rankings is the outcome of the all-round & multi-sectoral reform push of Team India", the PM said in a series of tweets. "The Prime Minister said our target should be to take India immediately into first 50". But it ranked among the worst in dealing with construction permits, resolving insolvency, registering property, trading across borders, paying taxes and enforcing contracts.
"India performs well in the areas of protecting minority investors, getting credit and getting electricity. The country's corporate law and securities regulations have been recognised as highly advanced, placing India in the fourth place in the global ranking in protecting minority investors", the World Bank's report noted.
The time to obtain an electricity connection in Delhi has dropped from 138 days four years ago to 45 days, well below the 78-day average in OECD, high-income economies. In Mumbai, starting a business was made faster by merging the applications value-added tax and the Profession Tax (PT).
"Tackling these challenging reforms will be the key to India sustaining the momentum towards a higher ranking". "There is a reason to believe that we have a capacity to further significantly improve our position", he said. The government however was not satisafied with the rankings as, it said, the World Bank did not capture the reforms undertaken by the Centre and states.