Published: Thu, November 01, 2018
Markets | By Noel Gibbs

Malta remains most hard place in the European Union to do business

Malta remains most hard place in the European Union to do business

Overall, India has jumped 23 places to 77th rank in the rankings thanks to feedback from stakeholders that it is now significantly simpler to get construction permits and ship goods across the country's borders, among other things.

India on Wednesday jumped 23 places to secure 77th position in 2019 World Bank (WB) ease of doing business ranking (DBR) among 190 countries.

"As a result of the past year's reforms, Turkey advanced to 43rd place in the global ease of doing business ranking".

Board of Investment, being the secretariat of Prime Minister s Steering Committee on Doing Business Reforms, briefed the press on the reforms behind improvements made in Pakistan s ranking and reforms being introduced to improve it further.

"The ultimate objective is to go to the top of the list", he added.

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The report highlighted that the "government's reform effort focused on improving the electronic processing of documents and providing more information on specific regulations" as state institutions - including municipalities, Justice Ministry and courts - began publishing information relevant to opening a business.

India has improved its rank in 6 out of 10 indicators.

"I am pleased to note the priority the government is placing on the important agenda of improving the business climate to boost investment and create jobs".

In its annual "Doing Business" 2019 report, World Bank said India improved its rank on six out of the 10 parameters relating to starting and doing business in a country.

India was ranked 80 in easing the process of cross-border trade, 163 in enforcing trade and 108 in resolving insolvency.

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It said that India made starting a business easier by integrating multiple application forms into a general incorporation form. "By implementing the Single Window Clearance System in Delhi and the Online Building Permit Approval System in Mumbai during the second half of 2017, India also continued to streamline and centralize its construction permitting process", it said. In addition, Mumbai abolished the practice of site inspections for registering companies under the Shops and Establishments Act. In all, 14 procedures are involved and an average of 170 days. For example, in getting electricity and dealing with construction permits, the country ranks 167 and 166, respectively. India's performance on the World Bank's assessment is a positive sign for foreign investors and is likely to reap benefits in the coming days, said Arun Kumar, Chairman and CEO, KPMG.

Modi had vowed to improve the ease of doing business when he came to power in 2014.

China and India - two economies with the largest populations - are among top 10 improvers this year.

Getting Electricity was made cheaper and faster in Delhi with the cost for low voltage connections reduced by more than 30 per cent of the income per capita, while the time needed was reduced to 31 days, from 39 days.

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