Accordingly, the annual index report Doing Business 2020 released by the World Bank showed India as being amongst the top 10 improvers, stating that "Given the size of India's economy, these reform efforts are particularly commendable".
The report released on Thursday said: "Prime Minister Narendra Modi's 'Make in India' campaign focused on attracting foreign investment, boosting the private sector manufacturing in particular and enhancing the country's overall competitiveness."
"The government turned to the Doing Business indicators to show investors India's commitment to reform and to demonstrate tangible progress. In 2015, the government's goal was to join the 50 top economies on the ease of doing business ranking by 2020."
As per the report, the administration's reform efforts targeted "all of the areas measured by Doing Business, with a focus on paying taxes, trading across borders, and resolving insolvency".
"The country has made a substantial leap upward, raising its ease of doing business ranking from 130 in 2016 to 63 in Doing Business 2020."
Last year, India jumped 23 places to the 77th position on the back of reforms related to insolvency, taxation and other areas.
"India has jumped from 77th to 63rd rank in the Ease of Doing Business Rankings released just now by the World Bank," Commerce Minister Piyush Goyal tweeted.
"Congratulations to PM @NarendraModiji for the path breaking improvements in India's business environment for nation's prosperity and job creation," he said.
Commenting on the jump by India in the rankings, Deloitte India Chairman Shyamak Tata said: "It is commendable that in the last four years the ranking has improved by 79 positions. This puts India in the rank of the most favoured investment destinations, indicating an environment that encourages foreign investors to become part of the Indian growth story."
( With inputs from IANS )