Malaysia now 'easier' for doing business, says World Bank

Malaysia now 'easier' for doing business, says World Bank

The World Bank Ease of Doing Business Index is considered the most important index in the world for measuring the bureaucratic burden on businesses, and a country's ranking carries great symbolic importance.

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

"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.

Speaking on the occasion, Commerce and Industry Ministry Suresh Prabhu said, India has moved up 53 ranks in the last two years, reflects the government commitment to implement progressive reforms. Besides, the Congress has persistently pointed to what it calls the "failure" of PM Modi's "Make in India" initiative.

In the World Bank's annual "Ease of Doing Business" rankings, the top 10 economies are New Zealand, Singapore and Denmark, which retain their first, second and third spots, respectively, for a second consecutive year, followed by Hong Kong SAR, China; Republic of Korea; Georgia; Norway; United States; United Kingdom and FYR Macedonia.

"The government has set the ambitious target for next year to improve its ranking and to bring it under 100". Improvements have already done on enforcement of contracts, taxation and insolvency laws and would be reflected in future rankings, he said.

Regarding mainland China, the World Bank said the country demonstrated "impressive reform agendas" to improve the business regulatory environment.

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According to the World Bank, Zimbabwe made dealing with construction permits faster by adopting a one-stop shop for building plan approvals.

While talking to the media, Fareena Mazhar, Executive Director General BOI, explained that in addition to introduction of reforms, other positive data corrections also contributed to the unprecedented improvement in ranking of Pakistan. It now takes seven days to start a business, as opposed to being 10 days previously. "If we do focused improvement, breaking into the top 50 is not out of reach", the minister said.

Starting a business in the country was also pointed out as a ponderous area for Kenya where it costs 25 per cent of the I'm come per capita to start a business. "India made paying taxes easier by replacing many indirect taxes with a single indirect tax, the GST, for the entire country".

India also performs particularly well in the area of Protecting Minority Investors, with a global rank of 7, and scoring a flawless 10 in the index measuring shareholders' rights and role in major corporate decisions.

The report compared the time taken to get an electricity connection in Delhi - 31 days - to the average time taken in entire South Asia - 98.3 days.

All four economies improved in the area of getting electricity and passed reforms simplifying the process of trading across borders, it said.

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