India moves up 4 spots on World Bank's ease of doing business list
The rankings are based on 10 indicators such as how easy it is to start a business and sometimes form the basis of foreign investments in a country. The 10 parameters are - starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority shareholders, paying taxes, enforcing contracts, trading across borders and resolving insolvency.
The rise in the 2016 ranking was primarily on account of improvement in two areas - ease of starting a business and securing an electricity connection. According to the new report, it takes 29 days to start a business in India. It took 127 days in 2004.
In May 2015, the government eliminated the minimum capital requirement to start a business and also ended the requirement to obtain a certificate to commence business operations, which helped it improve its rankings.
World Bank Chief Economist Kaushik Basu said that India can be in the top 100 countries next year if it continues with the set of planned economic reforms, including the crucial goods and services tax (GST).
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