It’s getting easier to do business in India. But there’s still a long way to go.

The country leaped 30 spots to 100 in the World Bank’s latest global ranking published Tuesday. That’s welcome news for Prime Minister Narendra Modi, who has come under fire for his handling of a series of big economic reforms that have slowed growth sharply.

Modi’s government took advantage of the World Bank announcement to defend its policies.

“I remember in the very first year, the prime minister had said our target should be to take India into the [top] 50, I believe this is doable,” Finance Minister Arun Jaitley said at a press conference Tuesday. “There’s huge scope for us to now jump from this position of 100.”

Sadanand Dhume, a resident fellow at the American Enterprise Institute in Washington D.C., said the World Bank’s ranking tells only part of the story but the improvement in India’s position was “undeniably positive news.”

“This is the first time that India has climbed so dramatically in the ease of doing business rankings and it sends a message to international investors that the government is committed to slashing India’s notorious red tape and rolling out the red carpet for them,” Dhume said.

The World Bank also named India as one of the top 10 countries in reforming its business environment, recognizing its strengthened protections for minority investors and progress in digitization.

“Today’s result is a very clear signal from India to the rest of the world, not only is the country open and ready for business, it’s now competing as a preferred place to do business,” said Annette Dixon, the World Bank’s vice president, South Asia Region.