WHY INDIA MEANS BUSINESS THIS YEAR

The World Bank is set to bring out the Doing Business Survey 2018 on October 31. While India’s rank inched up by just one position to 130 in last year’s survey, senior government officials have suggested they expect a good performance this time around, owing to a significant number of reforms initiated over the past year. However, to fulfil Prime Minister Narendra Modi’s dream of India cracking the club of top 50 nations by 2018, the country will have to improve its position by a whopping 80 places in just one year.

A look at the figures for the last three reports show the country has improved the most in getting electricity connection, with its ranking soaring from 111 to 26 in the Doing Business 2017 report.

Slower but steady upward movement can also be seen with regards to starting a business and protecting minority investors, areas in which the World Bank has appreciated India’s precision reforms earlier. However, the nation hasn’t fared well when it comes to the hassles of registering property, the ranking for which has fallen by a significant 46 places over the past three years.

Access to credit, a crucial requirement for kick-starting investments, has also slipped by 16 places. Also, despite reforms in the area, India’s rank on resolving insolvency has also fallen.

It’s interesting to note that underdeveloped and smaller neighbours of India in the South Asian region such as mountainous Bhutan or war-torn Afghanistan are way ahead in some categories.