For a country, literally pulsating on the startup vein, there is yet another piece of good news in stocks. According to Ease of Doing Business 2019 rankings India has climbed 23 ranks up the ladder becoming the leading nation in South Asia. This declaration has stood as a testimony to the current government’s commitment towards incubating and expanding businesses in the country. The World Bank backed survey stated that India is the 77th most likely nation to have an economical ecosystem supporting business ventures in the world. India left Bhutan behind to bag the top position in South Asian region of the most business-friendly nation.
“In the past two years, our position has cumulatively went up 53 notches.”
Amongst the 190 countries featured in the list, New Zealand, Singapore and Denmark have been bestowed the top three places. Afghanistan has also been recorded to make the nearly as big a climb, closely following India in the Asia region. In the past two years, our position has cumulatively went up 53 notches. By reforming its legal and commercial backbone, India has successfully addressed six of the ten parameters stated the previous year.
“Addressing the lack of debt recovery tribunals, the IBC aids lenders in recovering over Rs 1 Lakh Crore of bad loans”
Implementation of the Goods and Services Tax (GST), Insolvency and Bankruptcy Code (IBC), electronic trade documentation and modifying labour laws, enabled the advancement of this scale. “India made paying taxes by replacing many indirect tax, the GST for the entire country”, stated the World Bank. Addressing the lack of debt recovery tribunals, the IBC aids lenders in recovering over Rs 1 Lakh Crore of bad loans. It has been that this measure reduced the number of nonperforming loans by 28%.the Budget of 2018 also announced a Corporate Tax cutoff which was well received by the entrepreneurs. Electronizing the transactions and digital authorization was major booster.
The ten parameters of performance are: starting a business, dealing with construction permits, getting electricity, property registration, tax payment, international trading, contract enforcement, safeguarding minority investors, insolvency resolvement and getting credit. The reforms on six out the ten criteria assured the 77th position in the rankings. “This kind of jump has not happened in World Bank reports. After four years we are at 77th position”, the Union Finance Minister Arun Jaitley was quoted as saying. Aiming at a more conducive for growing entrepreneurship the government is hopeful of improving its stance in the future.