Doing business in India appears to have got tougher with the country slipping to 134th place on this front in a global list compiled by World Bank, which ranks neighbours like China, Pakistan, Nepal and Bangladesh at better positions and is topped by Singapore.
Doing business in India appears to have got tougher with the country slipping to 134th place on this front in a global list compiled by World Bank, which ranks neighbours like China, Pakistan, Nepal and Bangladesh at better positions and is topped by Singapore.
The annual Doing Business report, released today by World Bank and International Finance Corporation (IFC), comes at a time when economic scenario is subdued and regulatory frameworks in India are already facing criticism from domestic industry leaders and international investors.
In the ranking of 189 economies, India's position has dropped to 134, below neighbouring China (96), Nepal (105), Pakistan (110) and and Bangladesh (130). India is also ranked lowest among the BRICS nations (Brazil, Russia, India, China and South Africa).
India has slipped from its last year's 131st position while as many as 114 other countries have stepped up their pace of improving business regulations in the past one year.
Last year, the government had set up an expert panel, headed by former Sebi chief M Damodaran, to suggest ways to improve ease of doing business in India. The committee submitted its report last month and has recommended a major overhaul of regulatory and administrative framework.
Encouragingly, the World Bank report said that India is making progress in terms of achieving highest performance. The country's distance to frontier (DTF) score improved to 62.74 percentage from 61.67 registered last year.
The report comes at a time when the Indian government is making efforts to boost sagging economic growth and the new Companies Act is getting implemented. The panel's report, which has called for simpler drafting of rules and faster resolution of disputes, among others, is currently under the consideration of the government.
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