India climbs global business ranking. But it's not that simple

World Bank to release Ease of Doing Business report today

World Bank to release Ease of Doing Business report today

"Crores of job losses in the informal sector have resulted in a "Cease of Doing Small Businesses".

"An improvement by 30 places in the rankings is significant and should boost investor confidence in doing business in India".

Last year, Russian Federation ranked 40th based on categories evaluating the ease of starting a business, registering property, getting loans, paying taxes, and enforcing contracts. The report ranks India at 100 among 190 countries.

The World Bank highlighted five reforms making it easier to do business in Kano and Lagos, the two cities covered by the report in Nigeria over the course of past year.

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"India is the only large country this year to have achieved such a significant shift". India made obtaining a building permit faster by implementing an online Single Window System for the approval of building plans; the new system allows for the submission and approval of building plans prior to requesting the building permit, the report said. India's score went from 56.05 in doing business to 60.76. He expected India will soon reach the 50 position. "It is a clear signal that not only has the country been open for business but it is also competing for the preferred place for doing business", said Annette Dixon, vice-president, South Asia region, World Bank.

Protecting Minority Investors: India strengthened minority investor protections by increasing the remedies available in cases of prejudicial transactions between interested parties.

"The country's corporate law and securities regulations have been recognised as highly advanced, placing India in fourth place in the global ranking on protecting minority investors", the World Bank said. We are 156 in starting a business.

The time taken to enforce a contract is longer at 1,445 days than it was 15 years ago.

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"Tackling these challenging reforms will be the key to India sustaining the momentum towards a higher ranking".

"Guided by the Mantra of "Reform, Perform & Transform" we are determined to further improve our rankings & scale greater economic growth.", the Prime Minister said.

A statement issued by his spokesman, Femi Adesina, in Abuja, on Tuesday, noted that besides moving up 24 places in the rankings, Nigeria is also reported by the World Bank to be among the Top 10 Reformers globally. "In fact, India is well on its way to emerge as a global leader in protecting minority interests and is now ranked 4th in the world". The ranking does not include the impact implementation of Goods and Services Tax (GST) has created as the cut off for judging the business environment was June 1. The specifics are equally impressive: On eight of the 10 indicators used for the ranking, India improved its score.

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