New Delhi: India achieved a major boost to its business friendly image by getting on the top 20 improvers list of World Bank’s Doing Business 2020 ranking. The list includes the economies that have improved substantially in increasing the ease of doing business.
The economies at the top 20 list are selected on the basis of the number of reforms and how much the countries have improved their score of ease of doing business. The ranking shows the business friendly atmosphere of the nations.
The World Bank said, “India made it easier to do business in four areas measured by Doing Business. Authorities in Mumbai and New Delhi made it easier to obtain construction permits by allowing the submission of labor inspector commencement and completion notifications through a single-window clearance system. Starting a business is less costly thanks to abolished filing fees for the SPICe company incorporation form, electronic memorandum of association and articles of association.”
It added, “Exporting and importing is also easier following the integration of several government agencies into an online system and the upgrading of port equipment and infrastructure. India’s achievements this year build on a sustained multi-year reform effort. Since 2003/04, India has implemented 48 reforms captured by Doing Business. The most improved business regulatory areas have been starting a business, dealing with construction permits and resolving insolvency.”
The list also contains China, Pakistan, Jordan, Bangladesh, Bahrain, Kenya, Myanmar, etc. It must be noted that the list for the best performing economies will be disclosed only at the time of Doing Business 2020 launch on 24 October, 2019.
Narendra Modi government is pushing hard for reforms and boosting the economy for rapid development and making the country investor friendly. He has publically stated that the country respects the wealth creators which is a far cry from the socialist ideology of seeing the wealth creators as enemies.
This positive attitude towards the business class is hoped to attract more investments to the country from both internal and external investors.