The Narendra Modi government’s attempts to improve the ease of doing business have yielded good result with the country jumping 12 ranks to 130 in the latest ranking compiled by the World Bank.
Advertisement
“We are not happy with the score”, Mr. Chanthol said of last year’s ranking, adding that with business registration moving online, Cambodia should rank 21st in the world in the ease of doing business “assuming that other countries stay the same”.
THE Aquino administration slammed the World Bank-International Finance Corporations’ Doing Business Report 2016 released Wednesday showing the Philippines sliding down by six notches on its ranking.
These are: 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; and, labor market regulation.
One of the biggest struggles for the region is the time it takes to get connected to the electrical grid. “India is among the one-third countries that have improved”, he said. State Bank of India’s chief economic officer, Soumya Kanti Ghosh said, “Government has taken a lot of micro steps in the last one year and a few reforms have been politically sensitive”. The report also notes the increasing use of internet for entrepreneurs that facilitates business across the world. The region also boasted three of the world’s top 10 improvers, i.e. countries that implemented at least three reforms and moved up on the global rankings scale, with Cyprus, Kazakhstan, and Uzbekistan. According to the new methodology, last year’s figure of Azerbaijan distance was 66.65 points, this year the figure is 67.8 points, the authors of the report said.
For example, in starting a business, India eliminated the requirements for a paid-in minimum capital and a certificate to commence business operations, significantly streamlining the process for starting a business.
Cambodia was among the countries that simplified preregistration and registration formalities (publication, notarization, inspection, other requirements) to start a business previous year, according to the report.
Firstly, the trend of a number of years of decline has been reversed and secondly, that India has made a good start to what we hope is a sustained period of increased ranking similar to what Russian Federation has done in the past where over four years it moved from 142 to 51.
Doing Business measures regulations affecting 11 areas of the life of a business.
“The utility in Mumbai reduced the procedures and time for connecting to electricity by improving internal work processes and coordination”. However, the report also noted that India has triggered off more reforms the full effects of which are yet to be felt.
Advertisement
As Lopez Claros, director of the Global Indicators Group World Bank, said India is in the middle of what appears to be an ambitious process of reforms.
