October 28, India now ranks out of countries in the ease of doing business, moving up 12 places from last year, according to a World Bank report.
Prime Minister Narendra Modi on November 19, launched the Ease of Doing Business grand challenge on resolving seven identified ease of doing business problems with the use of cutting-edge technologies. Ease of Doing Business Grand Challenge Ease of Doing Business Ranking The Doing Business Ranking is an annual assessment conducted by the World Bank that measures aspects of regulation affecting 10 areas of the life of a business, evaluating countries on 10 specific indicators.
The scores are based on the measures implemented by the Government departments, however, they also reflect the experience of industry users that is counted in the rankings.
The 10 indicators include starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority interests, paying taxes, trading across borders, enforcing contracts and resolving insolvency.
There are established processes within each government agency for issuing of such permissions or services. Hence, the grand challenge seeks to invite innovative ideas from individuals, startups or other enterprises to implement artificial intelligence, Big Data Analytics, Internet of Things IoTBlockchain and other cutting-edge technologies for re-engineering related Government processes to eliminate physical interface, improve service delivery, enhance transparency and reduce cost and time.
The main purpose is to provide solutions to complex problems using current technology. India also recorded the highest improvement in two years by any large country since in the Doing business assessment by improving its rank by 53 positions. India improved its rank in 6 out of 10 indicators and has moved closer to international best practices Distance to Frontier score on 7 out of the 10 indicators.
In the grant of construction permits, India's rank improved from in to 52 inan improvement of ranks in a single year. In Trading across Borders, India's rank improved by 66 positions moving from in to 80 in The World Bank has recognised India as one of the top improvers for the year.
This is the second consecutive year for which India has been recognised as one of the top improvers.Find the latest news, videos, and photos on finance, industry trends, money, and more on tranceformingnlp.com Read business reports and watch industry-specific videos online.
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Ease of doing business index (1=most business-friendly regulations) from The World Bank: Data. Bloomberg delivers business and markets news, data, analysis, and video to the world, featuring stories from Businessweek and Bloomberg News on everything pertaining to markets.