India rises up 23 places in ease of doing business

Here is World Bank’s doing business report.

World Bank’s doing business report

In good news for the country, one that points towards the country’s ever-rising stature in the global market, India moved up 23 places in the ease of doing businesses ratings. With a best-ever position of 77, the government’s businesses friendly policies and referendums have seen the country gain 53 places since last year, which have seen it break into the top 100 for the first time in its history. The country with the latest rise also becomes the highest ranked South Asian Country in the progress and the third-ranked BRIC nation.

Going further on World Bank’s doing business report, the recently released rankings by the World Bank brought cheer for the Narendra Modi lead government ahead of the 2019 national elections. The jump is a significant one with the World Bank report also recognizing India as one of the top 10 improvers in this year’s assessment, for the second successive time. With India being the only large country this year to have achieved such a significant shift, the wheels of rapid development and inclusive growth that are the motto of the BJP are well underway.

Must Read:  Latest India Business News 31st October 2018

“India continued its reform agenda, implementing six reforms in the past year. India is now the region’s top-ranked economy,” the World Bank said, ahead of Bhutan (81) and Sri Lanka (100), Nepal (110), the Maldives (139), Pakistan (136) and Afghanistan (167) and Bangladesh (176).

A rising in the ease of doing businesses ladder points towards improvement in India’s businesses regulations, indicating that the country is rapidly and steadily moving towards global standards. Business-friendliness, procedural ease, regulatory architecture and absence of bureaucratic red tape have all helped in contributing to the country’s cause.

Further details which were revealed in World Bank’s Doing Business Report show that India now ranks in the top 25 in the world on three indicators- getting electricity, getting credit and protecting minority investors. The six reforms recognised in this year’s report are starting a business, getting electricity, dealing with construction permits, getting credit, paying taxes and trading across borders. 

India has improved its rank in six out of the 10 indicators, moving closer to international best practices on seven out of 10 indicators. The most dramatic improvements have been registered in the indicators related to ‘Construction Permits’ and ‘Trading Across Borders’; in the ‘Grant of Construction Permits’ indicator, India’s ranking improved from 181 last year to 52 in this year’s report, a jump of 129 ranks in a single year. In the ‘Trading Among Borders’ indicator, India moved from 146 in 2017 to 80 in 2018.

New functionalities like introducing an online single window system and reducing the cost of permits for constructors, putting in place a new insolvency and bankruptcy code and time-bound reorganization procedure for corporate debtors have all helped in India’s cause.

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