Ease of doing business Current Affairs - 2019
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India has been ranked second position as per 2016 Global Retail Development Index (GRDI) released by London-based business consultancy A T Kearney.
India has jumped 13 positions from last year (2015) to rank second among 30 developing countries on ease of doing business.
Key Highlights of 2016 GRDI
- The sharp pick up in GDP growth and better clarity regarding FDI regulations have helped India achieve a second ranking.
- India’s retail sector has expanded at a compound annual growth rate of 8.8% between 2013 and 2015, with annual sales crossing the US 1 trillion dollars mark.
- India has also become the world’s fastest growing economy and more attractive market due to its large population base and easing of FDI regulations in retail sector.
- India’s retail sector has also benefited from the rapid growth in e-commerce. Being world’s second largest internet market and increasing smartphone and internet penetration has contributed to the expansion of e-commerce.
About Global Retail Development Index (GRDI)
- The GRDI is annually published by London-based business consultancy A T Kearney.
- It analyses 25 retail-specific and macroeconomic variables to help retailers devise successful global strategies to identify emerging market investment opportunities.
- The study is unique as it identifies the markets that are most attractive in present and also their future potential.
India has been placed at 130th position among the 189 countries in the recently released World Bank’s 2016 rankings of Ease of Doing Business Report.
In this edition of list, India has moved up by four spots in the global rankings compared to earlier 134th rank in recalculated 2015 rankings.
Key highlights of report
- India is one of the countries that have made the most improvement, capturing the initiative of the government in a separate section.
- It has made the biggest improvement among the South-Asian countries in business regulations.
- India has made large improvements in two indicators, starting a business (155th rank) and getting electricity (70th rank).
- Top 10 Countries: Singapore (1st), New Zealand (2nd), Denmark (3rd), South Korea (4th), Hong Kong (5th), United Kingdom (6th), United States (7th), Sweden (8th), Norway (9th) and Finland (10th).
- BIRCS Nations: India ranks lowest in Doing Business among the BRICS nations. Russia (51), South Africa (73), China (84), Brazil (116) and India (130).
- India’s Neighbours: Bhutan (71), China (84), Nepal (99), Sri Lanka (107), Maldives (128), Pakistan (138), Bangladesh (174).
About the Ease of Doing Business ranking
- It is annually released by World Bank in its Doing Business Report.
- Ranking of country in this list is based on index averages the country’s percentile rankings on 10 indicators each having equal weightage.
- A higher ranking of country in this list means that its regulatory environment is more conducive and favourable for the starting and operation of firms.
- 10 indicators are: business, getting electricity, dealing with construction permits, registering property, protecting investors, getting credit, employing workers, trading across borders, paying taxes, enforcing contracts and resolving insolvency.