Economy Current Affairs
Prime Minister Narendra Modi launched Ease of Doing Business Grand Challenge on resolving seven identified Ease of Doing Business problems with use of cutting edge technologies. It was launched during programme organized by PM for interaction with select CEOs from Indian & foreign companies.
Ease of Doing Business Grand Challenge
The objective of this challenge is to tap potential of young Indians, startups and other private enterprises to provide solutions to complex problems using current technology. It is in pursuance of Government’s resolve to make India one of the easiest places to conduct business in the world. Government has made efforts to ensure that India consistently improves its business environment. This challenge is aimed at attracting innovative ideas on artificial intelligence (AI), Internet of Things (IoT), big data analytics, blockchain and other cutting edge technology to reform government processes. The platform for this grand challenge will be on Start Up India portal.
In World Bank’s Doing Business Report (DBR, 2019) released in October 2018, India has recorded jump of 23 positions against its rank of 100 in 2017 to be placed at 77th rank among 190 countries. As result of continued efforts by the Government, India has improved its rank by 53 positions in the last two years and 65 positions in the last four years (2014-18). In 2014, India was ranked 142nd among 190 nations. World Bank’s Ease of Doing Business index ranks 190 countries based on 10 parameters, including starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts, and resolving insolvency.
Asia’s oldest bourse BSE has decided to snap ties with S&P Dow Jones, which manages and operates benchmark Sensex. Now it is planning to develop indices through its own in-house development team.
The two entities had announced joint venture called Asia Index in 2013 to provide array of indices enabling global and domestic investors to participate in South Asia’s vibrant economies. The deal with BSE came after expiry of licensing arrangement between India Index Services & Products (IISL), a joint venture of NSE and S&P-owned Crisil. BSE will not renew its agreement with S&P Dow Jones Indices LLC which expires on December 31, 2018 and it is looking to develop indices through its own team. The agreement was not renewed because as joint venture was not able expand reach and usage of the indexes in the foreign jurisdiction.
S&P Dow Jones Indices LLC is subsidiary of The McGraw-Hill Companies and it is world’s largest global resource for index-based concepts, data and research. BSE is Asia’s oldest stock exchange and is home to iconic Sensex index – a leading indicator of Indian equity market performance. The equity indices of National Stock Exchange (NSE), BSE’s rival are managed and operated by NSE’s subsidiary company NSE Indices.