India ranks 77th in ease of doing business rankings

Adjust Comment Print

Briefing the media on India at 77th rank in the World Bank's "Ease of doing business" index, Union Finance Minister Arun Jaitley said there has been a record improvement in ranking.

The United States is placed eight and China has been ranked 46th.

The country is said to have made starting a business easier by reducing the time needed to obtain a business licence. The reforms in Mauritius included the elimination of a gender-based barrier to equalize the field between men and women in starting a business.

The report, which was released on October 31, 2018 also ranked Nigeria 146 out of 190 countries assessed in the 2017/2018 reform year. "At just five days, it is four times faster to register a property transfer in Turkey than in the region".

"India's strong reform agenda to improve the business climate for small and medium enterprises is bearing fruit".

As India recorded massive improvement in "Ease of Doing Business ranking", Secretary of Department of Industrial Policy and Promotion said India is recognised among top 10 improvers for the 2nd consecutive year.

The DoF also wrote to World Bank country director for Brunei, Malaysia, Thailand, and the Philippines to challenge the report's methodology.

However, it noted that the Philippines made trading more hard this year.

The Organisation for Economic Cooperation and Development criticised Mauritius a year ago for acting as a tax haven and leaching tax revenues from mainland African nations.

Three Indiana children killed boarding school bus
It happened around 7:15 a.m. on Tuesday, Oct. 30, in the 4600 block of State Road 25 near Rochester. Motorists are required to stop when a school bus is picking up or dropping off kids, by law.

The report is themed: "Doing Business 2019: Training for Reform".

Doing Business 2019 is the 16th in a series of annual reports investigating the regulations that enhance business activity and those that constrain it. Also, even though India made progress by jumping 23 places, the Modi government's "Make in India" project has yielded hardly any positive results in terms of foreign investment.

Pakistan made three main reforms that helped the country improve its ranking in the SB's global index, which was launched in 2002.

"It shows the UAE has best regulatory practices - such as construction permits, registration, trading across borders, getting electricity permits, getting credit and tax payment mechanism etc. - when it comes to doing business".

China is the only economy from East Asia and the Pacific among the ranking's top 10 climbers. However, the region continues to lag on gender-related issues, with barriers for women entrepreneurs in place in 14 economies. "As a result of this reform, Turkey catapulted to 32nd place globally in this area from 77 previous year", it added. In the 2017 edition of the World Bank report, Nigeria moved 24 places from its 2016 spot of 169 to 145.

Over the past 12 months, collectively these economies implemented a total of 23 reforms.

These parameters include ease of starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts and resolving insolvency. These are Togo, Kenya, Côte d'Ivoire, and Rwanda.

Several improvements have also been made in the area of registering property.

Comments