India jumps 23 places in global ease of doing business rankings

India jumps 23 places to take 77th rank in World Bank's 'Ease of Doing Business' index

The World Bank's 2019 Doing Business Index (DBI) has reported an improvement in Nigeria's ease of doing business score from 51.52 to 52.89. Additionally, China is one of this year's top 10 improvers, advancing more than 30 spots to 46 place in the global rankings.The region's economies carried out a total of 43 reforms in the past year, with a major push seen in the areas of Starting a Business and Getting Electricity.

The bank said during the past year, starting a business was made easier by enhancing the online one-stop registration system, replacing several forms for incorporation with a single application, and establishing information exchange between the registry and the tax authority.

He said the six business reforms involve starting a business, dealing with construction permits, securing electricity, registering a property, trading across borders and resolving insolvency.

Briefing the media on the report, Executive Director Board of Investment, Fareena Mazhar explained that in addition to introduction of reforms, other positive data corrections also contributed to the unprecedented improvement in ranking of Pakistan.

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 average time and cost to register a business, for example, has declined from 59 days and 192% of income per capita in 2006 to 23 days and 40% of income per capita today. Djibouti and India are the only economies to have been ranked in the "10 top improvers" list for the second consecutive year.

Briefing reporters in New Delhi, Finance Minister Arun Jaitley said, Prime Minister Narendra Modi had set the aim of reaching top 50 of the rankings and we have improved steadily from 142 to 77 in the last 4 years. Improvements have already done on enforcement of contracts, taxation and insolvency laws and would be reflected in future rankings, he said.

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"The government is committed to taking steps to facilitate in conducting business and to attract foreign investment", Dawood said.

The report measures progress of economic reforms in only two cities including Delhi and Mumbai. Also, it takes 1,445 days 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, it noted.

"This year's results clearly demonstrate government commitment in many economies, large and small, to nurture entrepreneurship and private enterprise."

Rwanda got 3rd place on the aspect of access to credit.

But it was in the area of "Registering property" that Malta fared worst, in a global 151 spot, requiring 15 days and seven different procedures.

"The country performs best in the areas of enforcing contracts, with a global rank of 19, and protecting minority investors [26th place]".

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