Ease of Doing Business: India Among 20 Most Improved Countries
India is among the 20 countries that have improved the most on ‘Ease of Doing Business’, the final score and the rankings of which will be released by the World Bank on October 24.
India made it easier to do business in four areas measured by the bank’s annual ‘doing business’ survey — starting a business, resolving insolvency, trading across borders and construction permits.
The World Bank has published a list of the top-20 reformers — different from the top overall performers with regard to change in business climate — over the 12- month period ending in May 2019.
These countries have made the most progress in implementing reforms to make it easier for small and medium enterprises to do business, according to a spokesperson of the multilateral agency.
Starting a business is less costly thanks to abolished fees for filing the incorporation form and electronic memorandum of association, the report said.
Prime Minister Narendra Modi launched the ‘Ease of Doing Business Grand Challenge’, which seeks to invite innovative ideas from individuals, startups or other enterprises to implement AI, Big Data Analytics, Internet of Things (IOT), Blockchain and other cutting edge technologies for re-engineering related government processes.
Trade is easier following the integration of several government agencies into an online system and the upgrading of port equipment and infrastructure. Submission of labour inspection commencement and completion notifications through a single-window clearance system makes it easier to obtain construction permits.
“India’s achievements this year build on a sustained multi-year reform effort. Since 2003-04, India has implemented 48 reforms captured by doing business,” the bank said.
Fiji is ranked 101 in the Ease of Doing Business unchanged from last year.
Top 20 improvers
The World Bank said the top 20 improvers list does not reflect fully an economy’s attractiveness for businesses, and is only based on the improvements across 10 different regulatory areas.
Pakistan improved in six areas measured by doing business — starting a business, dealing with construction permits, getting electricity, registering property, paying taxes and trading across borders.
The other countries in the most improved list include China, Myanmar and Bangladesh.
In 2018, India had recorded a jump of 23 positions against its rank of 100 in 2017 to be placed at 77th among 190 countries assessed by World Bank.
The leap of 23 ranks came after an improvement of 30 ranks in the previous year. The Indian government wants the country to figure in the top 50 in the Ease of Doing Business.