Essay on india focused should be on ease of living not easy of doing business
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India has jumped into 100th place on the World Bank’s ranking of countries by Ease of Doing Business for the first time in its report for 2018, up about 30 places, driven by reforms in access to credit, power supplies and protection of minority investors. The report, based on data from New Delhi and Mumbai, ranked India among the top 10 “improvers” globally, having done better in eight out of 10 business indicators.
As BS notes in its editorial, "This is a shot in the arm for Prime Minister Narendra Modi’s government, which had set out to breach the top 50 economies worldwide in terms of this index."
So how did India jump 30 places? The factors most responsible for the jump in India’s ranking between 2017 and 2018, according to the World Bank, are greater ease in the payment of taxes online, the possibility of submitting building plans in advance of applying for a construction permit, a new form for business incorporation that combines the permanent account number or PAN with the tax account number or TAN, and a reduction in the time required to complete provident fund and state insurance applications. Read more: Editorial Comment
What does the World Bank report say?
The report, covering the period from June 2 last year to June 1 this year, ranked India top among the South Asian nations. India's distance to frontier ratio, which tells how similar a country's economic practices are to global best practices, has improved in nine out of 10 categories. Also, it is now among the top 30 nations in three categories — getting electricity, securing credit and protecting minority investors. However, the World Bank noted that India lagged in areas such as starting a business, enforcing contracts, and dealing with construction permits.
The multilateral agency has recognised reforms by the government in eight sub-categories. It said the country had adopted 37 reforms since 2003. "Nearly half of these reforms have been implemented in the last four years," it said. Read more
Thumbs up from World Bank
In the protecting minority investors, India is now the fourth best country in the world, a jump from the 13th place last year. The initiatives taken by Sebi in the area of “ease of doing” business include rationalisation of knowing your customer (KYC) norms, increasing the number of arbitration centers and simplifying FPI (foreign portfolio investor) norms for investing in the debt market. Read more
The passage and implementation of the Insolvency and Bankruptcy Code (IBC) as well as setting up of sectoral regulators saw India climb 33 notches in the parameter for resolving insolvency.
As BS notes in its editorial, "This is a shot in the arm for Prime Minister Narendra Modi’s government, which had set out to breach the top 50 economies worldwide in terms of this index."
So how did India jump 30 places? The factors most responsible for the jump in India’s ranking between 2017 and 2018, according to the World Bank, are greater ease in the payment of taxes online, the possibility of submitting building plans in advance of applying for a construction permit, a new form for business incorporation that combines the permanent account number or PAN with the tax account number or TAN, and a reduction in the time required to complete provident fund and state insurance applications. Read more: Editorial Comment
What does the World Bank report say?
The report, covering the period from June 2 last year to June 1 this year, ranked India top among the South Asian nations. India's distance to frontier ratio, which tells how similar a country's economic practices are to global best practices, has improved in nine out of 10 categories. Also, it is now among the top 30 nations in three categories — getting electricity, securing credit and protecting minority investors. However, the World Bank noted that India lagged in areas such as starting a business, enforcing contracts, and dealing with construction permits.
The multilateral agency has recognised reforms by the government in eight sub-categories. It said the country had adopted 37 reforms since 2003. "Nearly half of these reforms have been implemented in the last four years," it said. Read more
Thumbs up from World Bank
In the protecting minority investors, India is now the fourth best country in the world, a jump from the 13th place last year. The initiatives taken by Sebi in the area of “ease of doing” business include rationalisation of knowing your customer (KYC) norms, increasing the number of arbitration centers and simplifying FPI (foreign portfolio investor) norms for investing in the debt market. Read more
The passage and implementation of the Insolvency and Bankruptcy Code (IBC) as well as setting up of sectoral regulators saw India climb 33 notches in the parameter for resolving insolvency.
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