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. Turkey now ranks 59 globally in this area, compared with 96 previous year, it noted.
"In the past 10 years, Hong Kong has maintained its position among the world's top ranking economies in the report, re-affirming our favourable business environment for overseas companies to set up their regional headquarters and offices, and for all businesses to flourish", the spokesman said. The country had entered the top 100 past year with a bigger jump of 30 places. First, the Government has made it easier to Deal with Construction Permits by strengthening construction quality control by imposing stricter qualification requirements for professionals in charge of technical inspections.
"Malaysia carried out six business reforms the past year". Djibouti, the only economy from West Asia and North Africa region in the list of 10 top improvers this year. India is the only South Asian country to achieve this distinction two years in a row, and only nine other countries have accomplished this since 2011.
According to the World Bank, Zimbabwe made dealing with construction permits faster by adopting a one-stop shop for building plan approvals.
Besides these reforms, other data corrections also contributed to the unprecedented improvement in the ranking of Pakistan, said Fareena Mazhar, executive director general, BOI.
Commenting on government's new initiative of monitoring Ease of Doing Business in the district level, he said this step will further enable India to improve in micro-levels thereby affecting the macro picture.
Regarding getting electricity, newly-adopted regulations from the Delhi Electricity Regulatory Commission require that electrical connections be completed within 15 days of the application's acceptance. "You have to crack the code and try and improve on the criterion in which we lack". As a result, the time to start a business was reduced from 20 days to 17 days, while the cost was reduced from 7.9 per cent of the income per capita to 6.8 per cent.
The Ministry of Finance points out that this year's advance follows consecutive declines in recent years.
"India also invested in port equipment, strengthened management and improved electronic document flow".
India performs well in the area of Getting Credit. The report notes that India has supported its ambitious reform agenda by providing regular training to both customs officials and private sector agents, as well as by establishing Customs Clearance Facilitation Committees which bring together actors involved in global trade at regular meetings.