Based on the number of reforms which aid ease of doing business, India has been ranked as one of the top 20 improves in Doing Business 2020 by the World Bank. The list includes 20 economies which have improved the most on ease of doing business score. As per the World Bank, economies are selected based on the number of reforms and on how much their ease of doing business score improved.
It may be noted that Ease of Doing Business 2020 detailed report will be published on October 24. India has been named in top 20 economies which have improved their ease of doing business score due to reforms. The ranking indicates at the business-friendly atmosphere in the countries.
The World Bank in regard to India 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.”
“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 2014, 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,” it further added.
Economies are listed based on two criteria. First, Doing Business selects the economies that implemented reforms making it easier to do business in three or more of the 10 areas included in this year’s aggregate ease of doing business score. Regulatory changes making it more difficult to do business are subtracted from the number of those making it easier.
Second, Doing Business sorts these economies on the increase in their ease of doing business score due to reforms from the previous year (the impact due to changes in income per capita and the lending rate is excluded). The improvement in their score is calculated not by using the data published in 2018 but by using comparable data that capture data revisions and methodology changes when applicable.