All great things start from small beginnings, it is often said. And Bangladesh’s eight-place leap forward in the World Bank’s Ease of Doing Business 2020 index can be viewed in this light.

Bangladesh was ranked 168 out of 190 countries in the latest edition of the study, up from 176 last year -- in what was its biggest climb in recent years.

And yet it pales in comparison when the jump made by some of its Saarc neighbours and peer countries are considered. For instance, neighbouring India climbed 14 notches to 63, Pakistan 28 rungs to 108 and Nepal 16 spots to 94.

Not just that, Bangladesh’s rank is lower than all its Saarc neighbours save for Afghanistan and competitors vying for foreign direct investment and exports like Myanmar, Ethiopia, Vietnam and Cambodia -- in a sobering reminder of the uphill task that lies ahead for the government.

The report, which is the 17th of its kind from the Washington-based multilateral lender, presents quantitative indicators on business regulations and the protection of property rights that can be compared across countries and over time.

Regulations affecting 10 areas of the life of a business are covered: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.

This year, Bangladesh made reforms on three fronts -- the most in a decade.

In contrast, Pakistan and Kenya made six reforms, Myanmar five, India four, China eight, and Saudi Arabia and Bahrain nine.

Bangladesh made setting up a new business less expensive with the reduction of registration and name clearance fees and removal of the certifying fee for digital certificates.

In Dhaka, obtaining an electrical connection was made more efficient as the city invested in digitisation and human capital.

And yet, a business still needs to complete nine procedures, the most not only in the region, but also globally. Only two other economies in the world require nine steps to obtain a connection.

Bangladesh also reduced the amount of the security deposit required for a new connection this year.

Access to credit information was improved thanks to expanded coverage by the credit information bureau. This reform delivered Bangladesh’s most significant improvement, as it climbed 42 notches to 119 in the ranking for this category.

But the country made no progress in categories of: enforcing contracts, trading across borders, paying taxes and protecting minority investors.

It still takes an eye watering four years on average to resolve a dispute through the legal channel, putting Bangladesh next to last globally on the enforcing contracts indicator.

To prepare, file and pay tax it takes 435 hours on average in Bangladesh, as opposed to 273.5 hours in South Asia.

It still takes up to 168 hours for obtaining, preparing and submitting documents at the port and get customs clearance, which is more than twice the time needed in South Asia. It takes just an hour in 19 countries, found the study.

In case of resolving insolvency, the country’s score dropped from last year. The foreclosure procedure takes up to four years, as opposed to 2.2 years in South Asia. In Ireland, it just takes 0.4 years.

The recovery rate is 29.1 cent on the dollar, in contrast to 38.1 cent in South Asia and 92.9 cent in Norway.

Minimal progress was seen in case of property registration and getting construction permits.

As many as 16 procedures must be overcome to start construction, which take up to 281 days. In South Asia, the average number of procedures is 14.6 and the median duration is 149.7 days.

In case of property registration, 8 steps must be completed, which takes a staggering 264 days, leaving Bangladesh in the 184th spot out of 190 in this category’s indicator.

The South Asian average is 6.9 procedures and 107.8 days for property registration, meaning Bangladesh has a long way to go to catch up with its neighbours, let alone the global best practices.

Transferring a property title in Bangladesh takes on average 271 days, almost six times longer than the global average of 47 days, according to the WB study.

To sum up, it is a dismal picture from all angles.

But the government though is well aware of the scenario, as this year’s reforms came after years of inactivity.

And, it has set the target of climbing up to double digits in the ranking by 2021 -- an ambition that might seem far-fetched but neighbouring India under its Prime Minister Narendra Modi has demonstrated that it is possible.

In a space of two years, India went from 130 to 77 in the rankings. In one year, India managed a jump of record 30 notches.

India brought on wholesale reforms in getting construction permits, starting business, resolving insolvency, paying taxes and doing international trade.

Perhaps, Prime Minister Sheikh Hasina can take a leaf out of Modi’s book as he goes about trying to transform his country’s image as a difficult place to do business.

Because, if Bangladesh is to achieve its growth ambitions and become a higher middle-income country by 2030 and a developed economy by 2041, a fostering business climate is imperative.