Ease Of Doing Business: India Among Top 20 Countries That Improved Most
India is now among the 20 countries that have improved the most in the World Bank’s ease of doing business ranking, boosting Prime Minister Narendra Modi’s target of India breaking into top 50 nations.
As per the World Bank, the list “is purely based on the improvements across 10 different regulatory areas”. China, Bangladesh, Myanmar and Pakistan are also part of the list.
“India made it easier to do business in four areas measured by Doing Business,” The Economic Times quoted the multilateral agency as saying. On October 24, the best performing/ranked economies will be disclosed.
Obtaining construction permits in Mumbai and New Delhi has become easier since a single-window clearance system has been set up by the authorities through which the Commencement and Completion Notifications may be submitted by the labour inspector.
Following the upgrading of port equipment and infrastructure, and integrating several government agencies into an online system, exporting and importing have also become easier.
“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 most improved business regulatory areas have been starting a business, dealing with construction permits and resolving insolvency,” World Bank said.
In 2019, India became the top-ranked country in South Asia for the first time, after climbing 23 points in the index to 77th place. It came third among the BRICS nation.
India has climbed 53 notches in the last two years. This is a performance that only Bhutan matched in the past. The biggest gain was where India, in construction permit, climbed 129 ranks to 52nd place on the back of the government’s effort to remove hurdles.
This top 20 improvers list is based on the improvements across 10 different regulatory areas and does not reflect an economy’s attractiveness for businesses.