Ease Of Doing Business: Word Bank Recognises India As The Top 10 Improvers
A jump in 30 places within 2 years, India ranked 100th in World Bank's Ease of Doing Business report released today. The report recognises India as one of the top 10 improvers in the assessment, however does not take into account the Goods and Services Tax (GST) rolled out this year
India has moved into the top 100 in the World Banks Ease of Doing Business global rankings for the first time, from its 130th position last year riding on sustained government reforms which include making tax paying easier, according to the banks latest report released here on Tuesday (31st October 2017).
The report recognises India as one of the top 10 improvers in the assessment, however does not take into account the Goods and Services Tax (GST) rolled out this year.
Annette Dixon, Vice President, South Asia region, told reporters, "India has moved to 100th rank as a result of a number of reforms by the government. India is moving ahead in absolute ranking as well."
The report captures reforms implemented in 190 countries between the period June 2, 2016 to June 1, 2017.
The report noted that India has adopted 37 reforms since 2003 with nearly half of these reforms having been implemented in the last four years. India was one of this year's top ten improvers worldwide and the leading regional performer. This is the first year that India is in the top 100 economies globally.
The World Bank added, "India is the only large country this year to have achieved such a significant shift. India's score went from 56.05 in doing business to 60.76. This means last year India improved its business regulations in absolute terms - indicating that the country is continuing its steady shift towards best practice in business regulation."
Sonal Arora- Vice President, TeamLease Services told BW Businessworld, “It’s truly heartening to see a jump of 30 places in India’s Ease of doing Business ranking for 2018 as compared to 2017 and this ranking will further improve next year with the GST implementation; which had happened post the current ranking assessment period.”
Sonal added, “Another aspect that can improve the ranking and positively impact the ease of doing business on ground would be easing off the approvals and permissions required while starting a business. Currently 10-12 approvals /registrations including labour compliance related registrations are required for starting a business. Further the process needs to be simplified and standardized across the country, this will both improve our ranking in terms of ease of doing business as well encourage companies to increase their geographical foot print and take jobs to people.”