By most yardsticks, India jumping 30 notches to get to the 100th spot in the World Bank\u2019s Ease of Doing Business rankings is a big achievement. The government set itself very clear targets and worked hard to push through the changes required, the Insolvency and Bankruptcy Code (IBC) being one example of this. One parameter on which India has scored is in protecting minority interests\u2014it moved up from 13th to fourth position over the last year as a result of the new Companies Act in which small shareholders now have more redressal mechanisms to deal with transactions between interested parties. The IBC, a path-breaking legislation that will make it easier for companies to exit businesses and free up capital, helped raise India\u2019s score in the area of resolving insolvency from 136th to 103rd over the year; indeed, IBC has helped push up the score for getting credit\u2014an important area\u2014from 44th to 29th. The reforms on EPF\u2014where electronic payments are mandatory\u2014has been another big positive, and with the World Bank going to take into account India\u2019s GST, the overall ranking should improve further next year. In order to improve further, it is important to focus on areas where India\u2019s score remains quite low, and has even slipped. In the key parameter of starting a business, India\u2019s rank has fallen a notch to 156, and that\u2019s when the World Bank measures progress in the most efficient parts of the country, Delhi and Mumbai. Even the government hasn\u2019t been able to get affordable housing projects off the ground because acquiring land is such a challenge and, even today, a fairly big chunk of power capacity remains stranded for want of fuel linkages. Moreover, even in terms of registering a property, India has slipped to 154 from 138 a year ago; there is little progress in titling and digitising land records, property documents remain complicated and applicants are still running from pillar to post\u2014India\u2019s rank on getting construction permits is up a bit, but it is still a dismal 181st and it is 164th when it comes to enforcing contracts. Also, a conducive business environment is more than just a rank on an index since it takes into account the size of the market, the opportunities and government policy. That is why, while Russia is a lot higher than China on the Index, it gets a fraction of the FDI China does. It explains why India\u2019s FDI has shot up\u2014to $56 billion in FY16 and $60 billion in FY17\u2014when investors saw opportunities in e-commerce even while the overall rank on the Index was poor and why, even as the rank improves, overall investment levels continue to fall. While it can be argued that a Nokia leaving the country\u2014even though India is the fastest-growth market for mobiles\u2014due to tax complications is a thing of the past, surely the same cannot be said of what Vodafone and Cairn continue to face; even after the improvement in ranking from 172nd last year, India is still a poor 119th on paying taxes. Businesses also look at whether government policy is getting more restrictive, as it is in the pharmaceuticals and medical devices sector; and the sad experience of Monsanto and DoCoMo only add to this. As the government goes about working to improve India\u2019s ranking in areas like registering properties, getting construction permits and enforcing contracts\u2014more commercial courts will help\u2014it has to ensure the overall policy environment keeps improving as well. The way the government celebrated the improvement in India\u2019s ranking suggests it realises the importance of getting it right.