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

India jumps 23 places to take 77th rank in World Bank's 'Ease of Doing Business' index

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.

India has shot up by 23 spots to reach the 77th position among 190 nations in World Bank's Ease of Doing Business ranking.

Prabhu said India's leap of 23 ranks in the ease of doing business ranking is significant considering that previous year India improved its ranking by 30 places, a rare feat for any large country the size of India.

The biggest improvements have been in the indicators related "construction permits" and "trading across borders", the ministry added.

It was ranked 100 in 2017, making a leap of 30 places.

"The government is committed to taking steps to facilitate in conducting business and to attract foreign investment", Dawood said. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.

"Malta made dealing with construction permits easier by streamlining the process of obtaining a building permit", the World Bank noted.

The report, introduced in 2003, measures the ease of doing business in 190 economies using 11 indicators on business regulation, such as how easy it is to start a business, deal with construction permits, trade across borders, protect minority investors, enforce contracts and secure credit.

However, the report also points out India still lags in areas such as Enforcing Contracts (ranked 163 globally) and Registering Property (166).

In its section on Malaysia, the report commended the country's efforts towards embracing digital transformation, which it said facilitated easier tax reporting, permit applications, power connections, cross-border trading, and resolution of insolvency issues. For starting a business, New Zealand has the lowest number of procedures required with only one, it also just takes half-a-day to start business.

" As a result, the time for a business to register a property transfer has now been reduced to 49 days, from 61 days", the report states.

Rwanda was among this year's top 10 improvers with Afghanistan, Djibouti, China, Azerbaijan, India, Togo, Kenya, Côte d'Ivoire and Turkey.

On the measure of absolute progress towards best practice, Pakistan improved score to 55.31, from 52.78 past year.

Further, India reduced the time and cost of export and import through various initiatives, including the implementation of electronic sealing of containers, the upgrading of port infrastructure and allowing electronic submission of supporting documents with digital signatures, it said.

Briefing the media on the report, Executive Director Board of Investment, Fareena Mazhar explained that in addition to introduction of reforms, other positive data corrections also contributed to the unprecedented improvement in ranking of Pakistan.

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