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posted 7 years ago
Backed up by Government initiatives
in the past 2 years and the resultant improvement in various parameters, India
has jumped up 30 notches from 130 to 100 (out of 190 nations ranked in the
list) in the latest edition of World Bank’s global rankings on Ease of Doing
Business.
Last year, India had managed to gain
just one slot in the World Bank’s rankings, from 131 to 130. The government had
then said that its efforts would show up in rankings in later years. This seems
to be partly true now!
This unprecedented improvement on a
global platform has primarily been achieved due to improved perceptions, inter
alia, on minority investors protection through tightening the securities
regulations, easing of tax regulations and better access to credit and
resolving insolvency.
What is striking is that as per the
World Bank’s Ease of Doing Business 2018 report, India is among the top 10
countries that have marked an improvement this year. This improvement in
ranking for India has come about as a result of “sustained business reforms”
over the last four years.
India has moved up in rankings of
six out of 10 “Doing Business” indicators. However, there are some areas of
concern still. For example, India’s track record is very poor when it comes to
dealing with construction permits (181), enforcement of contracts (164), such
as starting a business (156), and registering property (154).
Interestingly, India has moved 53
places up to ranking of 119 for ‘paying taxes’. Not paying taxes was a cultural
trait for most informal and small businesses for a long time.
The government now expects a
considerable jump in the remaining areas of major concern, which are considered
‘work in progress’.
A caveat, the after effects of newly
introduced Goods and Services Tax (‘GST’) have not been accounted for as the
cut-off date for this report was June 1, 2017 (a month prior to GST
implementation). However, these implications will be part of the evaluation
process next year and may play a significant role in the rankings next year.
Similarly, Demonetisation being a
country-specific and one-time event, was also not taken into account.
One can hope the improved rankings
infuse confidence in the Indian economy in domestic as well as foreign
investors and the benefits of enhanced economic activities percolate down to
maximum Indians, particularly those at the bottom of the pyramid.
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About the author :
Bhumesh Verma is a Corporate Lawyer
with over 2 decades of experience in advising domestic and international
clients, with a place in “The A-List – India’s Top 100 Lawyers” by
India Business Law Journal. He keeps writing frequently on FDI, M&A and
other corporate matters. He can be reached at bhumesh.verma@corpcommlegal.com.
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