India climbed 23 spots from a year ago to rank 77 out of 190 countries in the World Bank's latest report on the ease of doing business.
It was also among the top 10 most improved economies along with countries such as China, Djibouti and Azerbaijan, according to the "Doing Business 2019" report.
The ease of doing business in India improved notably after a series of reforms made it easier for companies to get construction permits, pay taxes and trade across borders, the report said.
Entrepreneurs were able to start a business more easily after India integrated multiple application forms into a general incorporation form, the World Bank noted. Reforms also "streamlined the process of obtaining a building permit and made it faster and less expensive to obtain a construction permit."
Last year, the country amended its insolvency and bankruptcy code which prevented willful defaulters from buying up any of their own troubled assets at discounted rates. That strengthened access to credit as "secured creditors are now given absolute priority over other claims within insolvency proceedings," the World Bank report said.