INDIA’S 63RD POSITION SIGNALS AN INVESTMENT FRIENDLY BUSINESS CLIMATE
“Ease of Doing Business is one method for assessing the quality and efficiency of regulatory practises. It assesses the procedures for starting a business, obtaining a building permit, obtaining an electricity connection, relocating property, obtaining credit, protecting minority investors, paying taxes, engaging in international trade, imposing contracts, and resolving bankruptcy (The World Bank Group, 2019). Earlier studies on market regulation concentrated on its effect on foreign direct investment and the economy, or evaluated it as a method for deciding where to invest.”
The History of the Ease of Doing Business Ranking
- The World Bank Group’s Doing Business Survey is based on various government regulations that act as impediments to starting and operating a business in the country.
- For several years, the World Bank has published the ‘Ease of Doing Business Report.’ In September 2003, the first report was completed.
- The first Ease of Doing Business Ranking report included 145 economies, which has since grown to 190 economies worldwide in 2018.
- To calculate the rankings, more aspects that are important to the daily operations of domestic small and medium-sized businesses have been added.
- The importance of the private sector in determining rankings is acknowledged, as it accounts for approximately 90% of jobs in developed economies.
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Improved Rankings: A Boost for India’s Business Environment
- The rise in the Doing Business Ranking reflects the efficacy and efficiency of business regulation.
- The economic importance of the dimensions of market regulation assessed by Doing Business is supported by research findings. For example, recent research has looked into the effects of bettering business regulation. According to one report, high start-up costs can lead to lower overall productivity.
- Improving the country’s Ease of Doing Business ranking would improve the country’s reputation and draw more foreign investment.
- The improved ranking would encourage more entrepreneurs to start businesses, resulting in more ventures in the ‘Start Up India’ and ‘Make in India’ categories.
- The Doing Business Ranking focuses on improving key areas of government-entrepreneur engagement where policymakers and regulators can directly influence procedures to promote these interactions.
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Holding door for new Opportunities
A favorable business environment is a requirement for a country’s growth. India, as one of the world’s fastest developing countries, has the potential to exceed the world’s leading economies in terms of business. The government’s Make in India initiative, which was launched in 2014 with the aim of transforming India into a manufacturing hub, has focused its efforts on making it easier to do business in India by attracting more domestic and international companies to invest and do business in the country, which will boost FDI and be critical in the country’s upgrading the whole economy.
India, one of the fastest improving nations, has improved dramatically in recent years, but there is still more work to be done.
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