India owes a lot to Narendra Modi. This man is responsible for changing the whole paradigm of politics, nationalism, patriotism, progress, development, and commitment. Now, it seems all those 60 plus years have gone waste before Modi took the charge of India Incorporation as its prime minister. As a matter of fact, it is almost a pin-drop silence in the opposition because none has any logical point to raise against the prime minister or his ministry. It is an all-round development kind of atmosphere with no place for corruption anywhere. Ease of doing business ranking by the World Bank places India at 100th place for the first time in history. A 30-point jump is definitely a phenomenal achievement. But it doesn’t say the task is over. There is a lot more to achieve. Especially in few of the measuring topics our performance needs a huge focus to improve.
Ease of Doing Business Ranking is basically measuring business regulations in a country. Each country is an economy. The scale of this ranking varies from 1 to 190. A high ranking confirms a more conducive regulatory mechanism in a country to start and operate a local firm. This ranking, in fact, comes from the distance to frontier scores. This score comes on the basis of 10 topics. Each of the 10 topics comprises of certain indicators. As a matter of fact, each topic has equal weightage. The benchmark for the rankings of all economies is June 2017 basis which it decides whether there is an improvement of deterioration. Sorting of the aggregate score on 10 topics collectively ascertains rankings. There are total 190 economies in the world and India stands at 100 right now. These 10 topics include:
- Starting a Business
- Dealing with Construction Permits
- Getting Electricity
- Registering Property
- Getting Credit
- Protecting Minority Investors
- Paying Taxes
- Trading Across Borders
- Enforcing Contracts
- Resolving Insolvency
Ease of Doing Business Raking India and neighboring countries
Let’s have a look at Ease of Doing Business Ranking of India and its neighboring Countries:
Among these countries, it is good to see India as best in three topics – Getting Electricity, Protecting Minority Investors, and Getting Credit. But at the same time, it is worst in topics like Starting a Business and Dealing with Construction Permits. In fact, both these topics where India needs humongous improvement deals with administrative complexities. Probably bringing transparency, accountability, Simplifying the processes, and removing corruption are the three key factors to improve in these two segments. Only then India can improve its Ease of Doing Business ranking in the coming years.
Moreover, India would not like to stick to 100 in Ease of Doing Business Ranking. Rather, the next year target should be beating China and Bhutan thus topping among neighboring countries. Beating China is not an easy task. As a matter of fact, beating Bhutan in these topics is tougher than China.