Every year, the World Bank assign ranks to countries all over the world based on ease of doing business in their countries. These rankings have been allotted totaling the score achieved on ten factors that play a significant role in the industry. Top rankings have been allocated to countries with better, more specific regulations for doing business and stronger protections of property rights. As per the ‘Doing Business 2020’ report, India ascended 17 notches, ranked at 63rd position in 2019 by The World Bank and has maintained its position till now. India had jumped 14 spots up, making 63rd spot in 2019 from 77th rank in 2018 and had ranked 100 in 2017.
The aspects considered to rank are listed below:
Starting Business
Registering Property
Enforcing Contracts
Dealing with Construction Permits
Paying Taxes
Sorting Out Solvency
The major reforms that helped out India to jump up ranks are :
Business incorporation within two days by the introduction of a single form.
Digitization of several processes, by introducing GST, e-assessments, and e-payments.
Faster custom approvals via e-platforms are helping to make across borders trading easier.
Single online window for fast-tracking of construction permits.
Rationalizing and simplifying for investors' KYC norms.
Digitization of property records.
The new law was introduced for sorting out corporate disputes and insolvency.
Reduced taxes are 25% for firms with an annual turnover of less than INR. 250 crores.
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