India can make it even easier to do business

A view of Nairobi at night

India improved its ranking on the World Bank's "ease of doing business" report for the second straight year, jumping 23 places to the 77th position on the back of reforms related to insolvency, taxation and other areas.

The World Bank said economies of the Middle East and North Africa significantly accelerated the pace of reforms in the past year, with 43 reforms, compared to 29 the previous year.

Earlier this month, the World Bank had separately released its 2018 report on the ease of doing business reforms across the 36 states of the federation and the Federal Capital Territory based on four indicators.

Malaysia has regained its place among the top 20 economies in the world at number 15 in the World Bank Doing Business 2019 Report.

"In the past 10 years, Hong Kong has maintained its position among the world's top ranking economies in the report, re-affirming our favourable business environment for overseas companies to set up their regional headquarters and offices, and for all businesses to flourish", the spokesman said.

"The World Bank Group looks forward to working with the government to build on this progress, including through the establishment of the institutional mechanisms to implement and monitor reforms, to facilitate dialogue between the private sector and the government, and to facilitate peer learning from best reformers".

Mr Prabhu said, government has taken several initiatives to improve Ease Of Doing Business in the districts which has led to overall improvement at the national level. India has also managed to increase quality control efforts, the World Bank stated.

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The report, "Doing Business 2019: Training for Reform", released on Wednesday night showed the Philippines, represented by Quezon City, garnering a score of 57.68 from a possible flawless score of 100.

"The obvious area and target for improvement are registering property, starting a business, insolvency, and taxation and the fifth one is enforcement of the contract", he said.

"India has improved in rank in 6 out of 10 indicators and has moved closer to global best practices.The most dramatic improvements have been registered in the indicators related "construction permits" and "trading across borders", the ministry said.

Four African economies - Togo, Cote d'Ivoire, Kenya and Rwanda - are among the top 10 most improved economies globally.

Prime Minister Narendra Modi has expressed his happiness on the rise of India's "Ease of Doing Business" rank.

The country is said to have made starting a business easier by reducing the time needed to obtain a business licence.

Nevertheless, the government acknowledged the need to further enhance access to credit, noting the right of borrowers to access their data, online access to credit information by banks and financial institutions, and credit scores. Afghanistan, with five reforms, moved up 16 spots to 167 place in the global rankings. During the past year, Malaysia implemented six reforms and Mauritius five.

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