India jumps 23 places in global ease of doing business rankings

6:28 pm
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The Philippines' ranking in the ease of doing business fell to 124th this year from 113th last year among 190 countries covered by an annual World Bank report, even though the country's score improved slightly due to recent reforms.

The Doing Business report is published by World Bank, which measures the performance in ease of doing business in 190 countries. The US grabbed the eighth spot, while China was ranked #46 after climbing 30 positions.

According to the report, among south Asian neighbours, Pakistan's regional average score stands at 56.71, with China at 73.6, India at 67.23, and Bangladesh at 41.97.

The government is now aiming to be among the top 50 countries.

The Philippines ranked poorly in getting credit (184th), starting a business (166th), enforcing contracts (151st) and trading across borders (104th).

In its annual report, the World Bank said overall, the BRIC economies - Brazil, Russia, India and China - improved their average ease of doing business score by a combined total of nearly 19 points across various areas of business regulation. "We only have to crack a code and try to improve in the criterion in which we lack", he said.

Several improvements have also been made in the area of registering property.

Asian markets rise as weaker yuan eases fear of more tariffs
The slowdown in the second largest economy in the world occurs on the background of a trade war between the USA and China. All sectors on the TSX lost ground on Monday, led by cannabis-heavy health care which was down more than 10 per cent.

"These efforts have had transformative and positive effects on the judicial system as a whole, but also in the areas of commercial litigation and insolvency specifically", the report said. He explained ease of doing business as the process to maximise governance with minimum involvement of government staff and procedures to guide the investment environment.

Four years of reform pushed up India's rank to 100th in World Bank's "Doing Business" 2018 report.

"We are incentivising those who are doing honest business", Ramesh Abhishek, an official in the industries department of Modi's government, told a news conference on Wednesday.

"The World Bank Group looks forward to working with the government to build on this progress, including through the establishment of the institutional mechanisms to implement and monitor reforms, to facilitate dialogue between the private sector and the government, and to facilitate peer learning from best reformers". But China, as well as India, vaulted up the rankings with wide-ranging reforms created to give businesses and entrepreneurs fewer headaches.

This is the second consecutive year that India has been recognized as a top improver. Improvements thereon would likely be incremental, with little separating the countries on most parameters. India made Paying Taxes easier by merging diverse sales taxes into a single General Sales Tax (GST).

The country is also said to have made strides in making it easier to deal with construction permits by reducing time for processing permit applications. The latest reform initiatives included electronic submission of documents and upgrading of port infrastructure. It also improved building quality control by introducing decennial liability and insurance.

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