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India jumped 14 places to the 63rd position on the World Bank's <keyword id="6354423" type="DEFINITION" weightage="20" keywordseo="Ease-of-Doing-Business">ease of doing business</keyword> ranking released on Thursday, riding high on the government's flagship 'Make in India' scheme and other reforms attracting foreign investment. The country also figured among the the top 10 performers on the list for the third time in a row. The rankings come at a time when the Reserve Bank of India (RBI), World Bank, International Monetary Fund (IMF) and various rating agencies have slashed the country's growth forecasts amid a slowdown in the global economy. India was ranked 142nd among 190 nations when Prime Minister Narendra Modi took office in 2014. Four years of reform pushed up India's rank to 100th in World Bank's 'Doing Business' 2018 report. It was 130th in 2017 when it was ranked lower than Iran and Uganda. Last year, the country jumped 23 places to the 77th position on the back of reforms related to insolvency, taxation and other areas. In its 'Doing Business' 2020 report, the World Bank commended the reform efforts undertaken by the country "given the size of India's economy". "This is the third year in a row that India makes to top 10 in Doing Business, which is a success which very few countries have done over the 20 years of the project, Without exception, the other countries that have done this are very small, population-wise, and homogeneous," Simeon Djankov, Director of Development Economics at the World bank told PTI in an interview. "India is the first country of its type to achieve that. It has jumped this year by 14 position," he said. Apart from India, the other countries on this year's 'top 10 performers' list are Saudi Arabia (62), Jordan (75), Togo (97), Bahrain (43), Tajikistan (106), Pakistan (108), Kuwait (83), China (31) and Nigeria (131). Prime Minister Modi's 'Make in India' campaign focused on attracting foreign investment, boosting the private sector — manufacturing in particular — and enhancing the country's overall competitiveness, the World Bank said in its report. The government turned to the Doing Business indicators to show investors India's commitment to reform and to demonstrate tangible progress. In 2015, the government's goal was to join the 50 top economies on the ease of doing business ranking by 2020. While the competition to move up the ladder would increase and become much tougher, India is on track to be within top 50 of the Ease of Doing business in the next year or two, Djankov told PTI in response to a question. And to come under 25 or below 50, the Modi government needs to announce and start implementing next set of ambitious reforms now, as these reforms takes a few years to be realized on the ground, he said. "The administration's reform efforts targeted all of the areas measured by Doing Business, with a focus on paying taxes, trading across borders, and resolving insolvency. The country has made a substantial leap upward, raising its ease of doing business ranking from 130 in Doing Business 2016 to 63 in Doing Business 2020,” the report said. One of the main reasons for improvement in India's ranking this year goes to the successful implementation of the Insolvency And Bankruptcy Code, the World Bank official said. "Before the implementation of the reform, it was very burdensome for secured creditors to seize companies in default of their loans," the report said. "Since its implementation, more than 2,000 companies have used the new law. Of these, about 470 have commenced liquidation and more than 120 have approved reorganization plans, with the remaining cases still pending," it added. In the past, foreclosure was the most common procedure reported by legal practitioners in both Delhi and Mumbai under the case study assumptions measured by the resolving insolvency indicator set, with an approximate duration of 4.3 years, the report said. "Reorganization has become the most likely procedure for viable companies as measured by Doing Business, increasing the overall recovery rate from 27 to 72 cents on the dollar," the bank said. In addition to resolving insolvency, significant improvements were registered in starting business, dealing with construction permits and trading across borders, the report said. "India made starting a business easier by abolishing filing fees for the SPICe (Simplified Proforma for Incorporating a Company Electronically) company incorporation form, electronic memorandum of association, and articles of association," it said. Delhi streamlined the process, reduced the time and cost of obtaining construction permits, and improved building quality control by strengthening professional certification requirements. Mumbai streamlined the process of obtaining a building permit and made it faster and less expensive to get a construction permit. India made trading across borders easier by enabling post clearance audits, integrating trade stakeholders in a single electronic platform, upgrading port infrastructures, and enhancing the electronic submission of documents, the report said. New Zealand, Singapore and Hong Kong topped the list this year. PTI LKJ CK 10240736 NNNN

Narendra Modi will use the jump in India's ease of doing business ranking to shut up his critics

Among 30 developing countries, India now ranks at Number 2 position in <a href="http://www.businessinsider.in/searchresult.cms?query=ease+of+doing+business&amp;sortorder=effectivedate">ease of doing business</a> index. 
 As per a study, ‘2016 <keyword id="451693" type="ORGANIZATION" weightage="20" keywordseo="Global-Retail-Development-Index">Global Retail Development Index</keyword> (GRDI)’, which ranks top 30 developing countries for <a href="http://www.businessinsider.in/searchresult.cms?query=retail+investment&amp;sortorder=effectivedate">retail investment</a> worldwide, India jumped 13 places up at number two post. 
 
The study, which is topped by China, also took <a href="http://www.businessinsider.in/searchresult.cms?query=GDP&amp;sortorder=effectivedate">GDP</a> growth and better clarity regarding <a href="http://www.businessinsider.in/searchresult.cms?query=FDI&amp;sortorder=effectivedate">FDI</a> regulations into considerations and these have helped India achieve a second ranking. 
 "India's strong ranking reflects foreigner retailers' increased optimism in its retail market and its vast growth potential. India has relaxed several key Foreign Direct Investment (<keyword id="44528" type="ORGANIZATION" weightage="20" keywordseo="FDI">FDI</keyword>) regulations in single-brand retail and this has paved the way for multinational firms to enter the market," said Debashish Mukherjee, a partner with A T Kearney and co-head of the Consumer Industries &amp; Retail Products Practice for India and Southeast Asia. 
 
According to A T Kearney, a London-based business consultancy, India's retail sector has expanded at a compound annual growth rate of 8.8 per cent between 2013 and 2015, with annual sales crossing the USD 1 trillion mark. 
 
India has also become the world's fastest growing economy. That coupled with a large population base and the easing of FDI regulations in the sector has made it an even more attractive market, it said in the ranking. 
 
"We expect to see e-commerce to propel India's growth and make it a more attractive proposition. However, there are some challenges as well. India remains a challenging and complex market for foreign retailers, where understanding dynamics at the state level is important," Mukherjee said. 
 
(Image: Thinkstock)

India is now Number 2 in ease of doing business index

The Indian government is ready to woo <a href="http://www.businessinsider.in/searchresult.cms?query=world+bank&amp;sortorder=effectivedate">World Bank</a> officials in a bid to improve its rankings on <a href="http://www.businessinsider.in/searchresult.cms?query=ease+of+doing+business&amp;sortorder=effectivedate">ease of doing business index</a>, a report that will be released in October. 
 <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword> officials will meet people from <a href="http://www.businessinsider.in/searchresult.cms?query=DIPP&amp;sortorder=effectivedate">Department of Industrial Policy &amp; Promotion</a> (<keyword id="6391107" type="ORGANIZATION" weightage="20" keywordseo="DIPP">DIPP</keyword>), which will present a data on significant improvements made across 14 parameters on which the ranking is decided. 
 
India, which is presently at 130th rank out of 184 nations, will present data on various sectors such as enforcing contracts, resolving insolvency and starting a business, in which India ranked poorly last year. 
 
World Bank researchers will spend two weeks in Delhi and Mumbai and speak with actual users and stakeholders to get the on-ground reality. 
 
"<a href="http://www.businessinsider.in/searchresult.cms?query=prime+minister+narendra+modi&amp;sortorder=effectivedate">Prime Minister Narendra Modi</a> has given us a mandate that we have to be in the top 50 in the next three years. Dismantling the complex procedures has been a mammoth task. If it was easy it would have been done long time back," DIPP secretary Ramesh Abhishek told ET. 
 
DIPP is targeting areas like <a href="http://www.businessinsider.in/searchresult.cms?query=starting+a+business&amp;sortorder=effectivedate">starting businesses</a>, insolvency procedures, construction permits, ease of trading across borders and electricity connections specifically as there have been said complexities for decades. 
 Meanwhile, India's own ranking of states has improved <keyword id="6354423" type="UNKNOWN" weightage="20" keywordseo="Ease-of-Doing-Business">ease of doing business</keyword> across India. "States know they need investments to create jobs, infrastructure, for which they need to provide a business-friendly environment," Abhishek told ET, adding “the Centre is just trying to facilitate these reforms." 
 
Jaijit Bhattacharya, partner, government services and infrastructure, KPMG India, told ET, “The change is happening in all the states. Given the state we are in, we have an enormous amount of work still to do."

India will try to impress World Bank to move up in ease of doing business ranking. Here’s how

New Delhi, Dec 19 () DPIIT Secretary Guruprasad Mohapatra on Thursday expressed optimism that India will soon break into the top 50 in the World Bank's ease of doing business ranking.
 India jumped 14 places to the 63rd position in the World Bank's ease of doing business ranking released in October. India was ranked 142nd among 190 nations when Prime Minister Narendra Modi took office in 2014.
 Mohapatra was speaking at an event organised by the CII.
 As per a release issued by the industry chamber, Mohapatra said a district-wise ease of doing business plan is slowly evolving in which the four local bodies will partake in improving the business climate and ease of living, along with the centre and the state government.
 Expressing optimism of India breaking into the top 50 in the World Bank's ease of doing business ranking soon, he sounded caution that once India does that, it will be in the league of advanced industrialised countries, where any incremental progress will require even stronger reform measures from the government.
 From next year onwards, the World Bank EODB rankings will include two more cities of Bengaluru and Kolkata apart from the existing cities of Delhi and Mumbai, he said.
 Chairman of CII National MSME Council Shreekant Somany said while the government's measures to improve the business sentiments have borne fruit, the need of the hour is to focus more on short-term measures, which have potential to deliver quick results for boosting investment.
 He also underlined a few measures, such as, enhancing capacity and efficiency of the alternative dispute mechanism, fast-track disbursal of delayed payments, aligning all the states into the Shram Suvidha Portal among others, to deliver on the front.
In its 'Doing Business' 2020 report, the World Bank had commended the reform efforts undertaken by the country "given the size of India's economy". RSN NKD MKJ

DPIIT Secy optimistic of India breaking into top 50 in 'ease of doing biz' ranking soon

<a href="http://www.businessinsider.in/searchresult.cms?query=The+government+&amp;sortorder=effectivedate">The government </a>has been focusing on<a href="http://www.businessinsider.in/searchresult.cms?query=+ease+of+doing+business+&amp;sortorder=effectivedate"> ease of doing business </a>and a lot of it was reflected in Budget 2017. Last year, in disappointing result, India moved up only one rank on the <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword>'s <keyword id="6354423" type="UNKNOWN" weightage="20" keywordseo="Ease-of-Doing-Business">ease of doing business</keyword> ranking to 130th spot regardless of the fact that<a href="http://www.businessinsider.in/searchresult.cms?query=+Narendra+Modi&amp;sortorder=effectivedate"> Narendra Modi</a> government made several initiatives and has set itself a target to break into the top 50. 
 
At present, India is ranked 130 out of 190 countries in <a href="http://www.businessinsider.in/searchresult.cms?query=World+Bank+Group&amp;sortorder=effectivedate">World Bank Group</a>'s annual report 'Doing Business 2017: Equal Opportunity for All'. 
 
In the <a href="http://www.businessinsider.in/searchresult.cms?query=Union+Budget&amp;sortorder=effectivedate">Union Budget</a>, announced by <keyword id="42575" type="PERSON" weightage="100" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, these 5 steps were proposed to make Ease of Doing Business better and easier:

5 ways how Arun Jaitley made Ease of Doing Business better in India

Kolkata, Mar 7 () West African country Nigeria isis creating a conducive environment for business and invitesIndian investors, High Commissioner of Nigeria to India,Major General Chris Sunday Eze (Rtd), said on Saturday.He said the leadership in Nigeria is aiming to improvegovernance and the country is fighting to eliminatecorruption, he said at an MCCI event here.Eze said, "The Nigerian government has created aconducive environment for investment. Investors may look atthe country as an investment destination".The envoy said Nigeria has sharply moved up in the'Ease of Doing Business' ranking in 2018 and 2019.The government is trying to diversify the economy fromits reliance on oil to other areas, he said adding that areaswhich have been identified for development in the long-termare mining and agriculture.Eze said the challenge which Indian business mightface is that of finding a suitable partner in Nigeria.He said Nigeria is a front runner in "ECOWAS' - theeconomic community of West African states - and has an economyof size USD 446 billion. dcNN NN

Nigeria seeks investment from Indian Inc

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="https://www.flickr.com/photos/nlireland/9490851253/in/photolist-fsF6qr-rfVaQn-ouS2oZ-hbGswT-oveRx2-ovgf5B-cNPXXu-ddZfDJ-otCEoA-svFXN4-ouUciN-ownm41-om4tJU-ousRCW-7bEkm9-oup25m-ots5fs-ouNLb1-obZjTD-odj63v-orC1Ef-cQH25f-rpuQvq-7Jzgg4-oeZBPY-owacNu-gScSEP-6vfLKa-nZcz9c-6KjkJK-soNDWK-k4KF1y-GTQJwq-6pQSPg-oc13bD-oyfrt2-rndGkA-6c8HMM-owvaFc-orySY9-otqsLF-od79Rp-ow7x5D-odbGRR-rptzhS-owdUvn-odhEq5-wNS4Q9-dMxVo5-ouVBmn">National Library of Ireland on The Commons/Flickr</a></div></div></div>LONDON - The UK has retained its place in the top ten countries worldwide for ease of doing business, despite Brexit uncertainty and warnings from British business leaders.This year's <a href="http://www.worldbank.org/en/news/immersive-story/2017/10/31/15-years-of-reforms-to-improve-business-climate-worldwide">Ease of Doing Business report by the World Bank</a> puts the UK above many of the world's leading economies, including Germany and France, and the ease of starting a business has actually improved.The ranking uses 11 indicators to measure aspects of business regulation across 190 countries worldwide. Of the top 20 economies in the list, 14 are high-income OECD economies.However, many countries are implementing significant reforms: India is one of the top ten to have improved most this year, although it still ranks 100th. Sub-Saharan Africa now has the widest variation in performance across the countries ranked: while Mauritius comes in 25th place, Somalia is 190th.Keep scrolling for the top 12 economies in the ease of doing business ranking:

The 12 most pro-business countries in the world

If the new platform being developed gets completed, companies will get to know in advance when to move goods from factories or warehouses so that they can save the time of waiting at ports. 
 The platform, called the <keyword id="1726198" type="UNKNOWN" weightage="100" keywordseo="Swift-system">SWIFT system</keyword>, was introduced in April by the <keyword id="6361265" type="ORGANIZATION" weightage="100" keywordseo="Central-Board-of-Excise-and-Customs">Central Board of Excise and Customs</keyword> (<keyword id="117272" type="ORGANIZATION" weightage="100" keywordseo="CBEC">CBEC</keyword>), and would allow importers and exporters to file just one form at ports so that they can get clearance from all agencies including the <keyword id="6376343" type="ORGANIZATION" weightage="100" keywordseo="Food-Safety-and-Standards-Authority-of-India">Food Safety and Standards Authority of India</keyword>, <keyword id="6386816" type="ORGANIZATION" weightage="100" keywordseo="Drug-Controller-General-of-India">Drug Controller General of India</keyword> and Plant Quarantine and Wildlife Crime Control Bureau. 
 
The SWIFT platform, or Single Window Interface for Facilitating Trade, would also allow risk-based assessment at customs, while significantly cutting down on paperwork procedures and decreasing its time span that presently takes about six-seven days. 
 Delays in cargo clearance delays that happen at ports have been cited by many foreign investors as one of the key issues that form the obstacle in smooth <keyword id="44749" type="ORGANIZATION" weightage="100" keywordseo="Foreign-Direct-Investment">foreign direct investment</keyword> (FDI). 
 
As per World Bank data, India ranks 133 in ease of doing business ranking on the "trading across borders" parameter, which is mainly because of high-cost paperwork taking too much time. 
 
<a href="http://readmt.com/images/content/sized/images/content/articles/GTI_Mumbai3_high_1320_892_60.jpg">Image source</a>

A great new technology has been introduced to cut down on the massive export delays at ports

New Delhi, Jan 27 () Minister of State for Finance Anurag Singh Thakur on Monday emphasised the need for use of technology for greater efficiency, accountability and transparency in public finance.
Speaking at an event organised Central Board of Indirect Taxes and Customs (CBIC), Thakur said India has benefited from the use of technology in various sectors.
Live example is Direct Benefit Transfer (DBT), which helped in saving money for the government, he said, adding technology can play very important role, and at the same time it can bring in more efficiency and transparency in the system and more accountability as well.
"We have witnessed a critical rise in India's standing in the ease of doing business rankings. A critical component of these ranking is trading across the border where the recent growth has been remarkable," he said.
The officers of CBIC played an important role in the component of trading across the borders, the minister added. 
Thakur exhorted CBIC to continue their effort for further easing trade facilitation.
Indian customs have been on re-engineering drive, focusing on ease of doing business environment in the country, Revenue Secretary Ajay Bhushan Pandey said at the event to celebrate the International Customs Day.
"In the last 2-3 years, the way our ranking has improved in Ease of Doing Business that itself shows what we are capable of and what we can do and what we can do further," he said. DP CS BAL

Use technology to improve efficiency, transparency in public finance: Thakur

Mumbai, Nov 30 () Home Minister Amit Shah on Saturday expressed hope that by 2024, India would become USD 5 trillion economy and be placed among the top five global economies.
The last five years were of the detoxification of the economy and in the next five years, a series of reforms will be taken to make it one of the most powerful economies of the world, Shah said.
India is already a destination of global companies due to its huge market and FDI is at record level today, the minister said.
"In 2014, in the list of world economy, we stood at 11th with the size of economy at USD 2 trillion. And after five years, today we have moved from 11 number to 7 and have reached USD 2.9 trillion and I have full confidence that by 2024, we will achieve the target of USD 5 trillion," he said here at an event of the Economic Times.
On ease of doing business ranking, he expressed confidence that india's rank will be within top 30th before 2024.
"India was at the rank of 142 in 2014, but in the last five years we jumped to 77 and by 2024, India will be somewhere at the rank of 30," Shah said.
India is a global investment destination and industry should not lose confidence simply because of temporary growth slowdown, the minister noted.
"Indian economy and markets will emerge stronger from this because of the decisive, bold leadership that India is currently under.
"While growth has slowed down, the pace of reforms has not. Making India a USD 5 trillion economy is a shared responsibility between the government and the private sector," Shah said. RR
BAL

India to become $5 trillion economy by 2024: Shah

New Delhi, Jan 1 () Foreign direct investment into India grew 15 per cent to USD 26 billion during the first half of the current financial year, according to government data.
 Inflow of foreign direct investment (FDI) during April-September of 2018-19 stood at USD 22.66 billion.
 Sectors, which attracted maximum foreign inflows during April-September 2019-20, include services (USD 4.45 billion), computer software and hardware (USD 4 billion), telecommunications (USD 4.28 billion), automobile (USD 2.13 billion) and trading (USD 2.14 billion), the commerce and industry ministry data showed.
 Singapore continued to be the largest source of FDI in India during the first half of the financial year with USD 8 billion investments. It was followed by Mauritius (USD 6.36 billion), the US (USD 2.15 billion), the Netherlands (USD 2.32 billion), and Japan (USD 1.78 billion).
 FDI is important as the country requires major investments to overhaul its infrastructure sector to boost growth.
 Recently, the government relaxed foreign investment norms in sectors such as brand retail trading, coal mining and contract manufacturing.
 Enthused by a record foreign investment inflow, India is optimistic of continuing to be one of the world's favourite FDI destinations in 2020 on the back of Prime Minister Narendra Modi-led government's liberalised norms and a significant jump in the ease of doing business ranking.
 Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Guruprasad Mohapatra has said that despite a slowdown in the global economy, inflows of foreign investment into the country have not been impacted. RR HRS

FDI rises 15 pc during Apr-Sep to USD 26 bn

India's <keyword id="6354851" type="ORGANIZATION" weightage="80" keywordseo="Retail">retail</keyword> market is expected to expand to $1.3 trillion by 2020 and the <keyword id="35050" type="CITY" weightage="80" keywordseo="gdp">GDP</keyword> is set to grow at 8 per cent over the next three years, making it the world's fastest-growing major developing market, a consultancy firm has forecast. 
 
The current retail sales in India is worth $925 billion and had grown at 5.8 per cent on compounded annual growth rate in 2010-2014, A T Kearney said in a report on the 2015 Global Retail Development Index. 
 "Consumer and investor sentiment have seen an uptick, as the pro-reform government under <keyword id="71" type="POSITION" weightage="80" keywordseo="Prime-Minister">Prime Minister</keyword> <keyword id="6354477" type="PERSON" weightage="80" keywordseo="Narendra-Modi">Narendra Modi</keyword> sets out on an ambitious goal of improving its Ease of Doing Business ranking from 142nd to 50th in the next two years," it said. 
 
"India's retail market is expected to grow to $1.3 trillion by 2020, and GDP is expected to grow at 8 per cent over the next three years, making India the world's fastest-growing major developing market," the report said. 
 
India has risen five positions to rank 15th in the latest edition of the index, the London-based consultancy firm said. 
 
"India represents a good opportunity for international retailers in single-brand retail, cash-and carry, and e-commerce, as the country appears to be on the cusp of a strong growth phase over the next five years," it said. 
 The tipping point for brick-and-mortar retail continues to be the opening up of Foreign Direct Investment (<keyword id="44528" type="ORGANIZATION" weightage="80" keywordseo="FDI">FDI</keyword>) norms in multi-brand retail, a move that is not expected in the near-term. 
 After two years of dormancy, <keyword id="80487" type="COMPANY" weightage="80" keywordseo="walmart">Walmart</keyword> will open a new outlet in Agra this year and plans to add 50 wholesale stores to its existing 20 in the next five years, the report said. 
 
(Image Courtesy: realcommercial.com.au)

You Searched For "ease of doing business rankings" and got 12 results

Narendra Modi will use the jump in India's ease of doing business ranking to shut up his critics

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India is now Number 2 in ease of doing business index

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India will try to impress World Bank to move up in ease of doing business ranking. Here’s how

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DPIIT Secy optimistic of India breaking into top 50 in 'ease of doing biz' ranking soon

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5 ways how Arun Jaitley made Ease of Doing Business better in India

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Nigeria seeks investment from Indian Inc

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The 12 most pro-business countries in the world

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A great new technology has been introduced to cut down on the massive export delays at ports

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Use technology to improve efficiency, transparency in public finance: Thakur

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India to become $5 trillion economy by 2024: Shah

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FDI rises 15 pc during Apr-Sep to USD 26 bn

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Great news for Indian shopper's! Indian retail market to reach $1.3 trillion by 2020

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