India ranks 1st among South Asian countries in Ease of Doing Business

Sean Reid
November 1, 2018

Kenya's attractiveness to investors improved 19 places, the World Bank has said in it's latest ranking on the ease of doing business.

Commerce and Industry minister, Suresh Prabhu said, today's ranking is an indication of collective work between various ministries.

Thailand's Ease of Doing Business (EODB) score, an absolute measure of the country's progress toward global best practice, rose to 78.45 this year, up from 77.39 last year.

The reforms of the past year covered the "doing business" areas of "starting a business", "registering property" and "resolving insolvency". On the measure of absolute progress towards best practice, India significantly improved its Doing Business score to 67.23, from 60.76 past year.

The new co-chairs of Pemudah are Finance Minister Lim Guan Eng and Leiking. "I'm sure we will continue to improve it more and more".

Leiking said Malaysia's ranking at 15th was due to the World Bank recognising the government's numerous regulatory reforms and improvements. "Doing Business provides a road map that different governments can use to increase business confidence, innovation, and growth and reduce corruption", said Shanta Devarajan, the World Bank's Senior Director for Development Economics and Acting Chief Economist.

Jitendra Gianchandani, chairman and managing partner of Jitendra Consulting Group, said the UAE's improvement in the ranking from 21st place to 11th is phenomenal.

It said that India made starting a business easier by integrating multiple application forms into a general incorporation form.

Speaking on "Ease of Doing Business" dealing with construction permits, DIPP Secretary further said, "Online single window in Delhi & Mumbai has streamlined the processes".

However, it noted that the Philippines made trading more hard this year.

Another area where the country made positive strides is that of starting a business.

The report also comes just ahead of tomorrow's tabling of Budget 2019, in which the government is expected to introduce measures to spur greater entrepreneurship among Malaysians. As a result, the time needed for exporters to comply with documentation requirements was reduced to 14 hours, from 38 hours.

New Zealand topped the list of 190 countries in ease of doing business, followed by Singapore, Denmark, and Hong Kong.

A Commerce and Industry Ministry statement in New Delhi said: "India's leap of 23 ranks in the ease of doing business ranking is significant considering that past year India has improved its ranking by 30 places, a rare feat for any large country of the size of India". This is another area in which reforms have been carried out for a third consecutive year. India continued its reform agenda, implementing six reforms in the past year and advancing 23 spots to 77 place in the global ranking. "As a highly respected institution, the World Bank has a responsibility to ensure that an economy is not unduly disadvantaged and that its report reflect the realities on the ground", the statement added.

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