Current Affairs – October, 2014

Latest Current Affairs October, 2014 with Current Affairs, news summary on current events of National and International importance of October, 2014 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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India ranks 142nd in the Doing Business 2015 Report

India was ranked 142nd among 189 nations in the World Bank’s Ease of Doing Business Report. ‘Doing Business 2015: Going Beyond Efficiency’ is a World Bank Group flagship publication. The 2015 version is the 12th such annual report. The report seeks to measure the regulations that enhance business activity and those that restrict it. The report quantifies indicators on business regulations and the protection of property rights and then compares it across 189 economies and over different time periods.

The WB develops the rankings based on consultations with ‘legal and accounting professionals, government officials and business practitioners, among others, across countries.’

In 2014, for the first time, the WB collected data for two cities in large economies with population of more than 100 million. In India, the two countries taken into account were Mumbai and Delhi.

 India’s ranking

India’s 2015 ranking was two notches below its 2014 ranking, even though the Report itself credits India for carrying out reforms. Also, the Report only takes into account measures carried out till the 31st of May so, most of the reforms carried out by the new Central Government hasn’t been included whilst finalizing the ranking.

In ease of starting business, India dropped two steps to 158 and one step in dealing with construction permits to 184.

India’s points score improved in six out of 10 criteria, remained unchanged on three criteria, and fell in the ease of paying taxes criteria. The country’s overall score increased from 53.97 to 52.78, even as the ranking fell.

As far as global ranking in concerned, India improved its performance only in the newly introduced category of protecting minority investors. Its ranking dropped in all other categories except for enforcing contracts where the ranking remains unchanged.

Having undertaken 20 reformative measures, India topped the list of reformers in South Asia, which saw the lowest number of reforms. However, despite that, India is ranked below Sri Lanka (99), Nepal (108),  Maldives (116), Bhutan (125), and Pakistan (128).

Countries performing well

Singapore topped the list of business-friendly economies globally for the ninth consecutive year. The top 10 economies are Singapore, New Zealand, Hong Kong, China, Denmark, South Korea, Norway, USA, Britain, Finland and Australia.

A lot of sub-Saharan African countries have registered the most improvement. Progress in the Middle East and North Africa, however, was uneven. 80% of the countries showed an improvement in business regulations, but, only around a third of the countries registered improved rankings.

Month: Categories: Reports & Indices

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India re-elected to ECOSOC

India won its re-election to the EcoSoc. This win comes just a week after India’s re-election to the UNHRC. On election, members serve a three year term. India’s previous term was scheduled to end in 2013. Now, on re-election, India will serve another three year term beginning on 1st January, 2015.

 Re-election to the EcoSoc

A country requires two-thirds of the total votes to become a member. EcoSoc has a total of 54 members. The countries serve for overlapping periods of three years. In October this year, all the members of the UNGA voted to elect 18 members from amongst themselves to the EcoSoc.

India was re-elected to the 193-member UN body, EcoSoc, after receiving 183 votes. India was re-elected with the highest number of votes in the Asia Pacific group. India was followed by Japan and Pakistan, both of whom received 181 votes each.

Members of the EcoSoc

The newly elected members of the EcoSoc are Argentina, Austria, Brazil, Burkina Faso, Estonia, France, Germany, Ghana, Greece, Honduras, India, Japan, Mauritania, Pakistan, Portugal, Trinidad and Tobago, Uganda and Zimbabwe.

The 54 seats on the EcoSoc are allotted ‘based on geographical representation with 14 allocated to African States, 11 to Asian States, six to Eastern European States, 10 to Latin American and Caribbean States, and 13 to Western European and other States.’

EcoSoc

The Economic and Social Council is the ‘United Nations’ central platform for reflection, debate, and innovative thinking on sustainable development.’ EcoSoc is one of the six main UN organs which were established by the UN Charter. EcoSoc is the ‘principal body for coordination, policy review, policy dialogue and recommendations on economic, social and environmental issues, as well as for implementation of the internationally agreed development goals.’ It supervises ‘the subsidiary and expert bodies in the economic, social and environmental fields.’

Month: Categories: International

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