Ease of Doing Business Index Current Affairs - 2020
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India was raked 63rd in World Bank’s Ease of Doing Business ranking released on October 24, 2019. The ranking comes when the leading financing institutions including RBI, World Bank and IMF are slashing country’s growth forecasts. In 2014, India was ranked 142 among 190 countries. As compared to 2018, India moved up 14 places in the ranking mainly due to several reforms in the trade and commerce sector.
- India for the third time in a row was among the top 10 performers on the list.
- The other top 10 performers other than India were Saudi Arabia at rank 62, Togo in the African continent at rank 97, Jordan (75), Tajikistan, Pakistan at rank 108, Kuwait (83), China (31) and Nigeria (131)
- In 2015, India set a goal to join top 50 economies on ease of doing business ranking by 2020.
- The experts believe that resolving insolvency with the Bankruptcy law, tax reforms, trading across borders, initiatives like Make in India are the major reasons for the leap in the rank
Ease of Doing Business
The ranking is framed based on 10 indices. It includes starting a business, registering a property, dealing with construction permits, getting credit, paying taxes, enforcing contracts, trading across borders, protecting investors, etc. The first set of ranking was prepared by the world Bank in 2003.
Tags: Ease of doing business • Ease of Doing Business Index • Economic Reforms • India-World Bank • World Bank
The Union Commerce and Industry ministry has appointed four institutes to interact with stakeholders and suggest measures to push India’s ranking in World Bank’s Ease of Doing Business Index. They are National Institute of Construction Management and Research (NICMAR), Indian Institute of Foreign Trade (IIFT), Institute of Company Secretaries of India (ICSI) and Institute of Chartered Accountants of India (ICAI).
These four institutes will take views of respondents on parameters which are taken into in ranking process. They will then share feedback with concerned ministries. The parameters include – starting business, dealing with construction permits, registering property, getting electricity, protecting minority investors, getting credit, paying taxes, trading across borders, enforcing contracts and resolving insolvency.
ICAI will look into paying taxes parameter while ICSI and IIFT will work on starting a business and trading across borders respectively. NICMAR will collate feedback on dealing with construction permits. The move will help further push India’s ranking. Improvement in ease of doing business will help attract more investments by ensuring a better business climate for investors.
As per the latest World Bank’s Doing Business ranking 2017, India’s position had improved by 30 places to 100th. The government wants India to figure within top 50 in the coming years. In the 2018-19 Budget speech, Finance Minister Arun Jaitley had mentioned that to further improve ease of doing business, the government has identified 372 action points for states which they will carry out in a mission mode.
Tags: Business • Ease of Doing Business Index • Economy • ICAI • ICSI