India in 2019- Ease in BusinessManish Verma
India is a growing economy and the commercial sector has also been expanding and there has been increase in the investments too. With growing relation with other nations there is increase in the production of both industrial goods and consumer goods.
It has been stated in a report that, in India, business has become easy which goes on to say that there are bigger opportunities for entrepreneurs to grow and prosper. Making its presence felt at the top of list in South Asia for the very first time, India also ranks second among the BRICS. In the last two years, there has been a leap forward by 53 notches. According to World Bank, India occupies 77th position in terms of ease of doing business. Business consultants too have increased in number owing to the growth of businesses in India.
Some of the highlights of the last two years are as follows:
- In the current years there has been 23 rank improvements seen for India in ease of doing business by WB.
- India has been recognized as the biggest improver in the world and ranks first among the South Asian nations and BRICS too.
- India comes in the list of top 10 improvers in the world and this happened for the two consecutive years.
There have been several reasons that could be attributed to such growth. In the first place the business in India has improved because there has been improvement in getting building permit and there has been improved building quality control too.
It is also important to find out the resource of such published reports of World Bank. The main source of obtaining the data is interviews and surveys that are conducted from lawyers representing different companies in Mumbai and Delhi. It is hopeful that India will be reaching 30th position by the year 2020, if the processes of improvements keep the same pace.
Improvements are due to change in process of working. In case of India too, there has been improvement as the methods in the process line has been streamlined and centralized. The construction permitting process has been made compact and streamline which led to the mentioned rise in trade.
Not just that, there has been improvement in the section of trade across the borders and the number has moved up from 146th in 2017 to 80th in 2019. The main reason behind it is that there has been an effort made in reducing the cost and time that was taken up by import and export activities.
There are numerous other improvements and changes that have been made in section of trade across borders. First, there was initiation of electronic sealing of imported containers. Secondly, there was improvement made in the infrastructure of port. Thirdly, the documents started to be submitted in electronic form. The signatures too were taken in the electronic form. These changes were made under National Trade Facilitation Action Plan 2017-2020. With so many changes being brought in, if you are thinking to launch into port business, it is vital that you get in touch with business consultants.
Getting credit and paying of taxes are other fields where India has shown significant improvement. For construction permits too an online window is there. Digitization makes the process faster and the record is better maintained. It is important that the business processes in India are preserved online or is carried out online so that there could be creation of reliable data base and communication can improve.
In 2019 there are many positive results seen in port trade and construction. It is hoped that there shall be further improvements in India.
Further, India now ranks in the top 25 in the world on three indicators- getting electricity, getting credit and protecting minority investors, department of industrial policy and promotion said on Wednesday.
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The doing business report ranks countries on the basis of distance to frontier (DTF), a score that shows the gap of an economy to the global best practice. India’s DTF score improved to 67.23 from 60.76 last year.