India ranks at 77 in the World Banks Ease of doing business
01 November, 2018, 04:29 | Author: Mary Valdez
(Web Desk) - Adviser to Prime Minister on Commerce, Textile, Industry and Investment Adul Razak Dawood on Wednesday announced that Pakistan has improved its ranking by 11 points and moved from 147 to 136 in Doing Business Report 2019. The World Bank Ease of Doing Business Index is considered the most important index in the world for measuring the bureaucratic burden on businesses, and a country's ranking carries great symbolic importance.
The latest jump comes in an election year, as the government is under opposition attack for the rise in petrol prices, the fall of the rupee and the differences with the Reserve Bank of India.
"The ultimate objective is to go to the top of the list", he added. World Bank put India among the top 10 economies to make the most improvements.
- India continued its reform agenda and advanced 23 spots to 77th place. "I believe it is entirely possible for the country to transform the regulatory environment and create a more competitive business environment, however, this improvement needs to be sustained and accelerated".
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The country also launched the Goods and Services Tax (GST), a reform that replaced more than a dozen levies by the Centre and states. In addition, Mumbai abolished the practice of site inspections for registering companies under the Shops and Establishments Act. It also improved building quality control by introducing decennial liability and insurance.
And that seemed to have paid off. India's ranking in dealing with construction permits-one of the 10 parameters the World Bank looks at-jumped to 52 from 181 past year. "India also made paying taxes less costly by reducing the corporate income tax rate and the employees' provident funds scheme rate paid by the employer", the World Bank said. The United Arab Emirates made getting electricity easier by eliminating all costs for commercial and industrial connections of up to 150 kVA. And, it takes 1,445 for a company to resolve a commercial dispute through a local first-instance court, nearly 3 times more than the 582 days needed in high income OECD economies.
In 2017, the World Bank had noted in its last report that India lagged in areas such as starting a business, enforcing contracts, registering property, trading across borders and dealing with construction permits. Today, we are at rank 77. We already have improved substantially. "India made paying taxes easier by merging diverse sales taxes into a single GST". This is another area in which reforms have been carried out for a third consecutive year. As a result, the time needed for exporters to comply with documentation requirements was reduced to 14 hours, from 38 hours. This year, India performed well in the area of "getting credit". This year, the country further strengthened access to credit by amending its insolvency law to give secured creditors absolute priority over other claims in insolvency proceedings. The UAE ranked first in the getting electricity subcategory. This is also due to a notable reduction in time and cost to import and export, in terms of documentary and border compliance.
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For the goal , extensive consultations on several issues take place between the Government and the RBI from time to time. This is equally true of all other regulators. "Only the final decisions taken are communicated", the statement said.
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