India moves up 4 spots on World Bank's ease of doing business list

India's Ranking for Ease of Doing Business Rises to the 130th spot, out of 189 countries in the “Doing Business 2016” report of World Bank. Last year, India was ranked 134th. China is now ranked 84, moving up six spots. Singapore, New Zealand and Denmark occupied the first three spots in the 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).

14 Things You Must Know About Earning Interest On Your Gold Click here
8 Inspiring Steve Jobs Quotes That Will Change The Way You Live Life Click here
5 Tips That Will Help You Open A Bank Account Without The Required Documents Click here