India Jumps 23 Places On World Bank’s Ease Of Doing Business Index

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Kenyans walking in Nairobi Twitter

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Malaysia has regained its place among the top 20 economies in the world at number 15 in the World Bank Doing Business 2019 Report.

"Jumping to 11th place worldwide and maintaining the first ranking across the Arab countries in Ease of Doing Business Report 2019 is a results of the efforts exerted by the government entities in the UAE and Dubai, in particular", Al Qamzi added. India improved its ranking on six of the 10 parameters and has jumped 53 places in two years.

Turkey carried out a record number of business reforms in the past year, earning the country a spot in this year's top 10 global improvers, read the World Bank Group's Doing Business 2019: Training for Reforms report on October 31.

India was ranked 80 in easing the process of cross-border trade, 163 in enforcing trade and 108 in resolving insolvency.

"The obvious area and target for improvement are registering property, starting a business, insolvency, and taxation and the fifth one is enforcement of the contract", he said.

The rankings of countries in the report indicate competitiveness as well as highlights the areas where reforms are immediately needed to improve business climate in the country. Djibouti, the only economy from West Asia and North Africa region in the list of 10 top improvers this year.

When the NDA came to power in 2014, India stood 142nd in World Bank's "Doing Business" list.

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World Bank said India has further streamlined the process of obtaining a building permit and made it faster and less expensive to obtain a construction permit.

Besides these reforms, other data corrections also contributed to the unprecedented improvement in the ranking of Pakistan, said Fareena Mazhar, executive director general, BOI.

A Hong Kong government spokesman said the city's improved ranking reflected "continuous enhancements in our business facilitation measures".

Ranking compilers cited examples such as initiatives taken by utility distribution companies in Beijing and Shanghai, which "significantly reduced the time to obtain a new electricity connection". India's performance on the World Bank's assessment is a positive sign for foreign investors and is likely to reap benefits in the coming days, said Arun Kumar, Chairman and CEO, KPMG. "If we do focused improvement, breaking into the top 50 is not out of reach", the minister said. "India made paying taxes easier by replacing many indirect taxes with a single indirect tax, the GST, for the entire country". This is another area in which reforms have been carried out for a third consecutive year.

The report lauded India for investing in port equipment, strengthening management and improving electronic document flow.

Kenya strengthened access to credit by introducing a new law on secured transactions that created a unified secured transactions legal framework.

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