Ease of doing business Current Affairs - 2019

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India ranks 130 in World Bank’s 2016 rankings of Ease of Doing Business

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.

Month: Categories: Governance & Politics

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Union Government launches single window e-biz portal

Union Government has launched a single window government-to-business (G2B) portal- e-Biz (www.ebiz.gov.in) for 11 Central government services to bring transparency and ease of doing business in the country.

The portal was unveiled to public by Union Finance Minister Arun Jaitley in New Delhi.

Key facts

  • It is government’s approach aimed at improving India’s ranking in Ease of doing business index by leveraging technology to bring transparency, improve efficiency and promote convenience.
  • It provides single platform for online submission and processing of forms including online payment.
  • Government has identified 10 pilot states for its initial implementation and later to expand it across the country.

The portal will provide in total 11 Union government services to meet its objective. Among the 11 services,

  • 4 services are from Ministry of Corporate Affairs (MCA) – Services such as name availability, Director Identification Number (DIN), certificate of incorporation and commencement of business.
  • 2 services of Central Board of Direct Taxes (CBDT) – Provide Permanent Account Number (PAN) and Tax-Deduction Account Number (TAN).
  • 2 services of Reserve Bank of India (RBI) – to simplify the process such as foreign collaboration through general permission route from RBI.
  • 1 service of Directorate General of Foreign Trade (DGFT) – Know importer-exporter code (IEC).
  • 1 service of Employees Provident Fund Organization (EPFO)- To complete employer’s registration
  • 1 service of Petroleum and explosives Safety Organization (PESO)- issue of explosive licences.

Government is also planning to roll-out more than 200 services related to investors and businesses in next few years.

Month: Categories: Business, Economy & Banking

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