Ease of doing business in INDIA
In a big boost for NDA government, India climbed another 23 points in the World Bank’s ease of doing business index to 77th place, becoming the top ranked country in South Asia for the first time and third among the BRICS.
In the last two years the country has climbed 53 notches, a performance matched in the past only by Bhutan. The biggest gain was in construction permit where India climbed 129 ranks to 52nd place on the back of targeted government effort to remove hurdles.
The details were revealed in World Bank’s Doing Business Report which is an assessment of business regulation across 190 economies.
Further, India now ranks in the top 25 in the world on three indicators- getting electricity, getting credit and protecting minority investors, department of industrial policy and promotion said on Wednesday.
The doing business report ranks countries on the basis of distance to frontier (DTF), a score that shows the gap of an economy to the global best practice. India’s DTF score improved to 67.23 from 60.76 last year.
The six reforms recognised in this year’s report are starting a business, getting electricity, dealing with construction permits, getting credit, paying taxes and trading across borders.
In dealing with construction permits, India has implemented an online single window system, introduced deemed approvals and reduced the cost for obtaining these permits. In the electricity sector, the time taken for obtaining a new connection has reduced from 105 to 55 days. Shows that clearly there is better scope of Profitable businesses in India.