India has jumped 65 positions from 142 in 2014 to 77 now, BJP spokesperson Sambit Patra said, adding that India had travelled from the "fragile five" emerging markets to a "fabulous few" in a short span of time.
The World Bank's 'ease of doing business' report was released on Wednesday.
"We thank Prime Minister Narendra Modi for the reform, perform, transform agenda that he has brought into the policy of India...through this jump in ease of doing business rankings, 'achche din' (good days) have arrived in the country's economy," Patra said at a press conference.
The BJP said this jump in the ease of doing business rankings has become possible because of the Modi government's clear policies and hard work.
Taking on the Congress, Patra said the party's tenure was marked by "ease of doing corruption" while the country is witnessing an era of ease of doing business under Modi's leadership.
"It is ease of doing business verses ease of corruption," he said, adding that India's ease of doing business ranking plummeted under Congress' 'economist' prime minister Manmohan Singh.
Read: SC declines urgent hearing on Karti's plea to go abroad
On the one side were the policies of the Modi government that were all about clarity and on the other was a confused Congress president Rahul Gandhi, he said.
"This is clarity verses confusion," Patra said.
There was no immediate reaction from the Congress.
Attributing the jump in rankings to the government's bold decisions, BJP spokesperson Gopal Krishna Agarwal said the Modi government inherited policy-paralysis. However, this has completely changed with the government carrying out the major reform of implementing GST.
The government had also taken the bold initiative of preparing the resolution for resolving bad loans problem and implemented it. Agarwal added.
In 2013, India was relegated to the pack of fragile five' emerging markets along with Brazil, South Africa, Indonesia and Turkey by international rating agencies. Read: FIR against Asthana shows cognisable offences: CBI to Delhi HC