Published: Fri, November 02, 2018
Money | By Ethel Goodwin

Editor's Take | India's surge on Ease of Doing Business Ranking

Editor's Take | India's surge on Ease of Doing Business Ranking

Details showed that at the top of the table are countries like New Zealand, Singapore and Denmark which occupied the first, second and third positions respectively.

The United States is placed eight and China has been ranked 46th. Pakistan moved from 147 to 136, Adviser to the Prime Minister on Commerce, Textile, Industries and Investment Razzak Dawood announced at a press briefing held by Board of Investment (BOI).

Jaitley pointed out that the areas where India needs to improve include insolvency and taxation and the time taken to register property, start a business and enforce contracts.

"These efforts have had transformative and positive effects on the judicial system as a whole, but also in the areas of commercial litigation and insolvency specifically", the report said.

He added, "The decline in the business environment is partially due to the to lack of interest on the part of federal government especially after the 18th Constitutional Amendment when coordination between the federation and the provinces decreased". It also noted that Nigeria made getting electricity easier by requiring that the distribution companies obtain the right of way on behalf of the customers and by turning on the electricity once the meter is installed.

The report, which was released on October 31, 2018 also ranked Nigeria 146 out of 190 countries assessed in the 2017/2018 reform year.

In its annual report, the World Bank said overall, the BRIC economies - Brazil, Russia, India and China - improved their average ease of doing business score by a combined total of nearly 19 points across various areas of business regulation.

Observing that the two economies with the largest populations, China and India, demonstrated impressive reform agendas, the World Bank said India also focused on streamlining business processes. With 6 reforms each, Djibouti and India are in top 10 for a 2nd consecutive year.

"We will continue to oversee and be responsible for ensuring that efforts to improve ease of doing business are implemented rapidly so that public services can increase convenience for doing business and help enhance people's lives", he said.

The Doing Business 2019 report showed a new order emerging near the top: now locked in a trade war with China, the USA was one of the few countries where creating and running a business grew more wearisome.

"It is encouraging to see that progress is being made to improve the business environment to promote investments by both domestic and foreign firms, so necessary to spur growth, provide jobs and further reduce poverty", said Henry Kerali, Country Director, World Bank, Ghana.

The most dramatic improvements, however, were registered in indicators related to construction permits and trading across borders.

China slashed electricity-connection times from close to 150 days in Beijing and Shanghai to little more than 30. The latest reform initiatives included electronic submission of documents and upgrading of port infrastructure.

Zimbabwe is ranked among countries that managed to reduce regulatory complexity and cost or strengthened legal institutions in 2017 /18.

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