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The latest ranking of 190 countries was topped by New Zealand followed by Singapore and Denmark. It was at 100th place a year ago and now it is at 77th rank.

The new ranking marks the fifth year-on-year improvement in the country's overall ranking since 2014 (under Jubilee Administration), moving 75 places from position 136 to position 61. "But there has been a record improvement in ranking", Jaitley added.

The ease of doing business score captures the gap of each economy from the best regulatory performance observed on each of the indicators across all economies in the Doing Business sample since 2005. Enforcing Contracts and Getting Electricity saw milestone reforms, with 49 and 26, respectively. Last year India was ranked 100 in the list.

In the past year, China has implemented reforms in seven out of the ten assessment indicators, the World Bank said.

"The World Bank Group looks forward to working with the government to build on this progress, including through the establishment of the institutional mechanisms to implement and monitor reforms, to facilitate dialogue between the private sector and the government, and to facilitate peer learning from best reformers".

This is the second consecutive year that India has been recognized as a top improver.

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Led by Dubai and Abu Dhabi, different government entities of the UAE announced a host of initiatives such as reducing different government fees, free commercial licence for some time, freezing school fees, etc over the last one year to improve competitiveness and make the UAE more business-friendly for foreign as well as local entities.

Prabhu said India's leap of 23 ranks in the ease of doing business ranking is significant considering that a year ago India improved its ranking by 30 places, a rare feat for any large country the size of India.

Malta, in fact, was ranked in the authoritative study as being the 84 easiest place in the world to do business, out of the 190 countries surveyed. It also improved building quality control by introducing decennial liability and insurance. "It takes 69 days and costs about 8 percent of the property value to register a property, compared to 20 days and 4.2 percent among high income OECD economies", the report said. The country has moved over 60 places under the current government.

The gains made in construction, cross-border trade, digitisation of permits and signatures has minimised the bottlenecks in the system.

The report compared the time taken to get an electricity connection in Delhi - 31 days - to the average time taken in entire South Asia - 98.3 days.

Addressing the media on Wednesday, renowned economist and Prime Minister Imran Khan's adviser on commerce, textiles, industries production and investment Abdul Razak Dawood said, "This is the first time Pakistan has improved its ranking in a year since the launch of the report in 2002".