Thursday, 15 November, 2018

India jumps 23 spots to No

India is now at 77 on the World Bank’s ease of doing business climbing 23 places India is now at 77 on the World Bank’s ease of doing business climbing 23 places
Orlando Vargas | 01 November, 2018, 11:25

The advance - the second big jump in a row - marks a huge step forward in Narendra Modi government's efforts to ease processes, project a business-friendly environment, and draw in foreign investment.

In 2017, India jumped 30 places to be ranked at 100th.

In notable changes to the top 20 ranked economies this year, the United Arab Emirates (UAE) joins the grouping for the first time, in 11 place, while Malaysia and Mauritius regain spots, in 15 and 20 places, respectively.

The reforms of the past year covered the doing business areas of starting a business, registering property and resolving insolvency. "But there has been a record improvement in ranking", Jaitley added.

India improved on six of the 10 metrics tracked by the World Bank, including obtaining credit and construction permits.

"The five areas that need more improvement are in registering property, starting a business, insolvency and taxation and enforcement of contracts".

Talking about India, the World Bank report highlighted that, the country also focused on streamlining business processes. World Bank put India among the top 10 economies to make the most improvements.

India is the highest-ranked country in South Asia. "India streamlined the process of obtaining a building permit and made it faster and less expensive to obtain a construction permit", the report said.

Briefing the media on the report, Executive Director Board of Investment, Fareena Mazhar explained that in addition to introduction of reforms, other positive data corrections also contributed to the unprecedented improvement in ranking of Pakistan.

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He said the government, through Pemudah, will undertake more reform initiatives to further enhance the ease of doing business in a new Malaysia that prospers through business competitiveness. As a result, the time for a business to register a property transfer has been reduced to 49 days from 61 days, according to the report. We need to crack the code and try and improve on the criterion in which we lack, the FM said.

Also, "India made paying taxes easier by replacing many indirect taxes with a single indirect tax, the GST, for the entire country".

Ghana's progress reflects reforms in three key areas.

The Ministry of Finance points out that this year's advance follows consecutive declines in recent years.

The report lauded India for investing in port equipment, strengthening management and improving electronic document flow.

The report notes that Kenya has increased disclosure requirements, regulated the approval of transactions with interested parties, increased shareholder rights and strengthened corporate transparency.

Malta ranked 77 in terms of "Getting electricity", requiring an average of 105 days to get connected.

"Getting Electricity and Trading Across Borders also saw reforms in the two cities".

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