The World Bank has issued the ease of Doing Business Ranking of other countries including India, in which India had jumped 30 places. Now the Indian government will issue the similar ease of Doing Business Ranking of all states. Ministry of Commerce and Industry will release states ranking on easy access to business in January. A senior official gave this information this week.
Last year, Telangana and Andhra Pradesh jointly held the first position in the ease-of-business ranking in State-Union Territories at All India level. The purpose of this step is to increase contest amongst states to draw investment and improve the business environment. The due date for submitting the proof of the reforms to the states has been increased.
An official of the ministry said that we are trying to roll out the rankings by January or February. The official said that the State Governments are taking quite a few steps to advance the business conditions. They are setting up a single window system for approvals. Last year’s ranking was based on 340-point business implementations and their improvement action plan led by the states.
The criteria for which the ranking is determined is based on the, labor regulation, availability of land, environmental registration, construction permit, access to information, and single window system. According to the World Bank’s latest report, India made its place in top100 with a 30-point jump in business ease rankings.
The DIPP Department of Industrial Policy and Promotion is functioning on the recognition of more than 200 alterations with the World Bank. This will help India reach the top 50 in the list of business facilitation.
The achievement of India in terms of the ranking on the global landscape has been a notable move in the India’s Business history. And owing to shift in the ranking on a positive note in global level, it can be projected that there will huge investment coming in approaching years. It is also projected that if India accelerates its development and focuses more on the future-based innovation, it will in no time make its listing in top 50 ranks in terms of ease of business ranking.