Published: Thu, November 01, 2018
Finance | By Gustavo Carr

Nigeria Drops On Ease Of Doing Business Ranking

Nigeria Drops On Ease Of Doing Business Ranking

India carried out six business reforms during the past year, earning the credentials of being a top global improver for a second consecutive year, says the World Bank Group's Doing Business 2019: Training for Reform report, released on Wednesday.

Malta, according to the World Bank, will be the most hard place in the whole of the European Union in which to do business, according to the World Bank's annual Ease of Doing Business Survey released yesterday.

"We have made progress in leaps and bounds, probably the most significant in the history of Ease of Doing Business", Union Finance Minister Arun Jaitley said, underscoring that to make significant progress, one has to "literally crack the code" and work on the bottlenecks. The survey ranks countries on an aggregated score of 0 to 100, with higher marks indicating more conducive conditions for businesses while lower results demonstrate the opposite.

"The government is committed to taking steps to facilitate in conducting business and to attract foreign investment", Dawood said.

Modi had vowed to improve the ease of doing business when he came to power in 2014. Pakistan moved from 147 to 136, Adviser to the Prime Minister on Commerce, Textile, Industries and Investment Razzak Dawood announced at a press briefing held by Board of Investment (BOI). "India streamlined the process of obtaining a building permit and made it faster and less expensive to obtain a construction permit", the report said. In the area of construction permits, the country's ranking has improved by a whopping 129 points, 66 in "trading across borders", the ministry said.

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According to the doing business report 2018, the improvement has been attributed to efforts by the government to make registration of property easier by introducing an online system to pay fees and obtain digital certificates.

The World Bank ranks 190 countries based on 10 parameters, including starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts, and resolving insolvency.

The economist further said, "PM Imran has taken a personal interest in improving the business and it is also a part of his 100-day agenda".

With 13 reforms between them, China and India-two of the world's largest economies-are among the 10 top improvers. Governments around the world set a new record, implementing 314 business reforms over the past year, compared to 290 reforms implemented in the previous year. "India made paying taxes easier by replacing many indirect taxes with a single indirect tax, the GST, for the entire country".

"India also invested in port equipment, strengthened management and improved electronic document flow". This is also due to a notable reduction in time and cost to import and export, in terms of documentary and border compliance.

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