Kenya up 19 places in World Bank ease of doing business ranking

Kenya up 19 places in World Bank ease of doing business ranking

In the last two or three years, "all the large emerging markets - such as China, India, Nigeria, South Africa, Indonesia, Russia - have taken on this agenda", said Sylvia Solf, head of the World Bank Group's Reform Advisory Unit, which advises governments on ways to improve the business environment. As a result, the country significantly improved its global ranking in this area to 53, from 82 previous year.

The World Bank's latest Doing Business Report 2019 released on Wednesday showed that various measures undertaken by the government had helped India jump 23 places from its rank of 100 in 2017. She also highlighted that improvement was a result of combined effort under the Prime Minister s Steering Committee on Doing Business Reforms.

India leaped 23 places to the 77th position on the World Bank's "ease of doing business" ranking as GST, insolvency framework and tax reforms made the country more investor-friendly.

The multilateral lender also said that permits needed by a business to start operations in New Delhi dropped to 11 from 20 while those in Mumbai need 10 permits as against 12 a year ago.

In 2017, the World Bank had noted in its last report that India lagged in areas such as starting a business, enforcing contracts, registering property, trading across borders and dealing with construction permits. In 2016, 2015 and 2014, India had not improved much and was placed at 130, 131 and 134, respectively, in the ranking.

"The five areas that need more improvement are in registering property, starting a business, insolvency and taxation and enforcement of contracts".

Naomi Watts to Star in "Game of Thrones" Prequel
Both Martin and Goldman serve among the executive producers of the upcoming series. On his blog, he added: 'I could not be more excited.

"Doing Business provides a road map that different governments can use to increase business confidence, innovation, and growth and reduce corruption".

The reforms raised Kenya to 61st place in the global ease of doing a business ranking, from a rank of 80 last year, earning the country a spot among the global top improvers for the fourth time in the past 11 years.

India was ranked at the 142nd position among 190 nations when the Modi government came to power in 2014.

During the past year, India made starting a business easier by fully integrating multiple application forms into a general incorporation form. These changes in mindset and approach to reform have been critical to achieving the successes that we are celebrating today. "India also made paying taxes less costly by reducing the corporate income tax rate and the employees' provident funds scheme rate paid by the employer", the World Bank said. India made Paying Taxes easier by merging diverse sales taxes into a single General Sales Tax (GST).

The Ministry of Finance points out that this year's advance follows consecutive declines in recent years. 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.

India performs well in the area of Getting Credit. The UAE ranked first in the getting electricity subcategory.

Related Articles