India ranked 100th in ease of doing business

Nov 01, 2017, 00:26
India ranked 100th in ease of doing business

Still, even investors with a long-term perspective can only remain long on a country for so long, which is why it is encouraging that the government has started focusing on making it easier to do business in the country. These indicators are: Starting a business, Dealing with construction permits, Getting electricity, Registering property, Getting credit, Protecting minority investors, Paying taxes, Trading across borders, Enforcing contracts and Resolving insolvency.

Russian Federation has steadily risen in the overall "Doing Business" rankings over the years.

In an annual report on 190 countries' efforts to encourage investment and job creation by cutting red tape and reforming regulations, the global lender also said sub-Saharan Africa was again the region that experienced the most progress - but countries there varied widely in performance.

His remarks came after India today jumped 30 places to rank 100th in the World Banks ease of doing business ranking. The World Bank, he said, has named 10 countries where structural reforms have been taken. India, which was ranked 142nd when the Narendra Modi government took office in 2014 and 130th a year ago, is the only country to make such a significant rise. However, Brazil is the only BRICS nation below India in terms of ease of doing business. The report placed India to the 4th position in protecting the interest of minority investors.

Also, with the enactment of the new bankruptcy law, India's ranking on insolvency resolution has also improved. China, for instance, is ranked 78th and Bhutan, at 75th place, is the highest ranked economy in South Asia.

The time taken to enforce a contract is longer at 1,445 days than it was 15 years ago. Furthermore, following improvements to the online system in 2016, the time needed to complete the applications for Employee's Provident Fund Organization (EPFO) and the Employee's State Insurance Corporation (ESIC) decreased.

"The hurriedly convened press conference by the Finance Minister to seek manufactured relevance from the World Bank report was evidence of the actual distance from ground realities and suffering of people of India", Surjewala said in a statement. The surge in ranking by as much as 30 places is an outcome of key reforms including digitisation of processes, enhancing tax payment and access to credit. The ranking does not include the impact implementation of Goods and Services Tax (GST) has created as the cut off for judging the business environment was June 1. "CII is confident that on the back of GST and other reforms that are planned, India would see an equally impressive improvement next year", he said.

YOU MIGHT ALSO LIKE
  • Destiny 2 Bug Lets You Emote in First Person

    Destiny 2 Bug Lets You Emote in First Person

    The date was announced alongside a new trailer at Sony's Paris Games Week conference, teasing the upcoming downloadable content. Bungie plans to and is determined, to maintain the elaborate storytelling that Destiny 2 brought to the table.
    Trick or Treating Safety Tips

    Trick or Treating Safety Tips

    It serves as a chance to get creative with costumes, decorate the house, carve pumpkins and most importantly, Trick-or-Treat. Teach children to dial 9-1-1 in an emergency, if suspicious activity is occurring or if tainted candy is suspected.
    Roger Stone Tweets Obscenities, Insults At CNN Anchors: Advises

    Roger Stone Tweets Obscenities, Insults At CNN Anchors: Advises "Severe Punishment"

    Without mentioning Stone by name, Tapper quipped on Saturday that he was enjoying some "prominent meltdowns on Twitter". Stone has known Trump for decades and acted as an adviser during the early days of the Trump campaign.
  • El Shaarawy double as Roma maul Chelsea

    El Shaarawy double as Roma maul Chelsea

    With Atletico Madrid in third place and yet to win in the Champions League this season, it could be a major scalp for both sides. Tuesday's match is a landmark for Fabregas, who makes his 100th Champions League appearance in the Stadio Olimpico.
    Selena Gomez & The Weeknd Split

    Selena Gomez & The Weeknd Split

    According to reports , Justin and Selena were last seen grabbing Sunday morning breakfast at a café at Westlake Village . However, our insider says Bieber "did not play a factor" in Gomez's relationship with The Weeknd coming to an end.

    OnePlus 5T promo leaked, full image and launch date revealed

    The OnePlus 5T is slowly inching towards fruition as more speculations and rumours surface around the company's upcoming flagship. It is not yet clear what the OnePlus 5T will launch on, whether it will be Nougat or Oreo, but expect the OxygenOS overlay again.
  • Over 7 million Nintendo Switch consoles shipped ahead of Christmas

    During its most recent earnings call Nintendo said 7.63 million units have been shipped since the Switch went on sale in March. Nintendo shares have almost doubled since Switch's launch, although they slipped 0.25 percent yesterday to end at ¥42,870.
    BJP hits out at Chidambaram for his J&K remark

    BJP hits out at Chidambaram for his J&K remark

    The Congress leader said that he was anxious about what was happening in the Valley as there was a deep ferment there. And that means that they want greater autonomy.
    Overworked Russian teen model dies of exhaustion in China

    Overworked Russian teen model dies of exhaustion in China

    The teen's death has raised concerns over the working conditions for young models and the way they are harshly exploited. The Kremlin's human rights ombudsman in Perm , Pavel Mikov , said he was personally investigating the girl's death.
  • Gary Neville reveals why Jose Mourinho shushed camera vs Tottenham

    Gary Neville reveals why Jose Mourinho shushed camera vs Tottenham

    Manchester United's Eric Bailly has warned against underrating Benfica in Tuesday's Uefa Champions League encounter. If United win they are guaranteed qualification for the knockout stage.
    Dave Martinez Reportedly Named Nationals Manager, Agrees to 3-Year Contract

    Dave Martinez Reportedly Named Nationals Manager, Agrees to 3-Year Contract

    Martinez has served as Joe Maddon's bench coach in Chicago and Tampa Bay (2008-14) for a decade but has never been a manager. Heyman says Martinez will be officially announced as the Nats' new skipper after the conclusion of the World Series.
    Severe Weather Bringing High Winds, Torrential Downpours

    Severe Weather Bringing High Winds, Torrential Downpours

    But for Halloween on Tuesday , the city is slated to be drier and brighter, with daytime temperatures in the upper 50s. This will allow for cooler air to usher in, likely high peaks will see a snow shower or two.
popular