Monday, 19 November, 2018

India surges 23 places in ease of doing business rankings

India Jumps 23 Places on World Bank’s ‘Ease of Doing Business’ Rankings Credit Reuters
Andy Castillo | 01 November, 2018, 15:33

Malaysia has regained its place among the top 20 economies in the world at number 15 in the World Bank Doing Business 2019 Report.

The country was ranked at 70th in 2002 and 85th in 2009. The average import into the country spent less than 100 hours being checked for compliance at the border, the World Bank said, down from more than 250 hours a year previously.

"Given the current economic environment in Turkey, it is, nevertheless, encouraging to the global business community and local entrepreneurs alike to see the process of conducting business simplified in so many doing business areas", Zutt said. Jaitley also said the impact of GST has not been entirely accounted for in the ranking due to an early cut off date.

Commenting on government's new initiative of monitoring Ease of Doing Business in the district level, he said this step will further enable India to improve in micro-levels thereby affecting the macro picture.

During the past year, India made starting a business easier by fully integrating multiple application forms into a general incorporation form.

Business ReporterZimbabwe has improved its global ease of doing business ranking to 155 up from a ranking of 159 for the comparative prior year, the latest World Bank Doing Business 2019 Report has revealed.

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A booming haka performed by Kiwi military personnel followed, part of a powhiri - or traditional welcoming ceremony. Harry and Meghan were greeted with a powhiri - a ceremony involving singing and dancing - in Wellington.

The report emphasises the efforts by developing countries to implement electronic tax payments, speedy procedures for setting up a business and the low cost and ease of settling disputes.

Four of the region's economies have earned coveted spots in this year's global top improvers, Togo, Kenya, Côte d'Ivoire, and Rwanda.

In the last two or three years, "all the large emerging markets - such as China, India, Nigeria, South Africa, Indonesia, Russia - have taken on this agenda", according to Sylvia Solf, head of the World Bank Group's Reform Advisory Unit. On area where the changing nature of work is causing difficulty in Belgium's ease in doing business ranking is Belgium's Labor Act of 1971 which enacted laws which limit employing personnel on Sunday and for firms to operate on Sunday.

The World Bank's ranking is determined by awarding 190 countries scores on 10 topics, including obtaining electricity, paying taxes, dealing with construction permits, enforcing contracts, protecting minority interests, availability of credit and other factors. In grant of construction permits, India's rank improved from 181 in 2017 to 52 in 2018, an improvement of 129 ranks in a single year. "No one questions that these things are important any more, such as the need for a simple process to start a business". "Doing Business provides a road map that different governments can use to increase business confidence, innovation, and growth and reduce corruption", said Shanta Devarajan, the World Bank's Senior Director for Development Economics and Acting Chief Economist.

However, the report also points out India still lags in areas such as Enforcing Contracts (ranked 163 globally) and Registering Property (166).

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