India Leaps 12 Places In World Bank's "Ease Of Doing Business" Report
India has significantly improved its position in the list of countries ranked in order of 'Ease of doing business'. India jumped by 12 places and currently stands at #130 / 189. India was ranked at #142 last year in the list of 189 countries listed in the report. The World Bank has lauded the efforts taken by the Indian government to improve its position.
The World Bank began publishing the Doing Business reports in 2002. The ranking of various countries is calculated based upon the review of business regulations and their enforcement within the country. The regulatory environment in every participating country is considered to determine how it helps or hampers small and medium sized enterprises in conducting business right from starting up to various registrations and taxes.
Indian government has taken significant steps to make it easier for entrepreneurs to start and run their business in India. For example, the government removed the mandatory requirement of minimum 'paid-in' capital for starting a business. It also eliminated the requirement of certificate to start business operations.
Still From Movie 'Guru'
It used to take several months for a new business to get all the required approvals from Government officials back in 2005. The time has now been cut short to just 29 days. Kaushik Basu, World Bank's Chief Economist said in a conference call that for the size of Indian economy, a 12 spot jump is a remarkable achievement. Lopez Carlos, the director of Global Indicators Group at World Bank said that India seems to be very ambitious about reforming the range of factors that affect ease of doing business. If the reforms continue, India could see a very big jump in its ranking next year.
According to the report, two factors 'starting a business' and 'getting electricity' helped India improve its position. It's become easier for the companies to connect to the electricity grid and begin operations; saving about 14 days. The government is now working on developing a single application form for registration of new companies and bring the entire process online. These measures are likely to cut down the overall time required to start a business in India.
With Singapore topping the list, there is hardly any change in the top 10 countries. New Zealand is second with Britain and USA at number 6 and 7 respectively.
India taking active steps to make it easier for startups to operate in India is definitely a great news for budding entrepreneurs and existing business fraternity. It'd be interesting to get suggestions from our fellow engineers about what part of the entire business setup process do you think can be made easier and faster?
Source: #-Link-Snipped-#
The World Bank began publishing the Doing Business reports in 2002. The ranking of various countries is calculated based upon the review of business regulations and their enforcement within the country. The regulatory environment in every participating country is considered to determine how it helps or hampers small and medium sized enterprises in conducting business right from starting up to various registrations and taxes.
Indian government has taken significant steps to make it easier for entrepreneurs to start and run their business in India. For example, the government removed the mandatory requirement of minimum 'paid-in' capital for starting a business. It also eliminated the requirement of certificate to start business operations.
Still From Movie 'Guru'
It used to take several months for a new business to get all the required approvals from Government officials back in 2005. The time has now been cut short to just 29 days. Kaushik Basu, World Bank's Chief Economist said in a conference call that for the size of Indian economy, a 12 spot jump is a remarkable achievement. Lopez Carlos, the director of Global Indicators Group at World Bank said that India seems to be very ambitious about reforming the range of factors that affect ease of doing business. If the reforms continue, India could see a very big jump in its ranking next year.
According to the report, two factors 'starting a business' and 'getting electricity' helped India improve its position. It's become easier for the companies to connect to the electricity grid and begin operations; saving about 14 days. The government is now working on developing a single application form for registration of new companies and bring the entire process online. These measures are likely to cut down the overall time required to start a business in India.
With Singapore topping the list, there is hardly any change in the top 10 countries. New Zealand is second with Britain and USA at number 6 and 7 respectively.
India taking active steps to make it easier for startups to operate in India is definitely a great news for budding entrepreneurs and existing business fraternity. It'd be interesting to get suggestions from our fellow engineers about what part of the entire business setup process do you think can be made easier and faster?
Source: #-Link-Snipped-#
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