New Delhi: Based on the number of reforms, India has been ranked as one of the top-20 improvers in Doing Business 2020 by the World Bank. The detailed report will be published on October 24. The ranking, however, does not reflect the performance of the economies. But they certainly indicate at the business-friendly atmosphere in the countries. Also Read - Nirmala Sitharaman Announces Corporate Tax Rate Cut From 30 to 22 % to Revive Private Investment
According to the World Bank list, India made it easier to do business in four areas. Authorities in Mumbai and New Delhi brought in single-window clearance system replacing various possible roadblocks. Also Read - India’s Corporate Tax Now Competitive, Will Attract Higher Investment: RBI Governor
“Starting a business is less costly thanks to abolished filing fees for the SPICe company incorporation form, electronic memorandum of association and articles of association. Exporting and importing is also easier following the integration of several government agencies into an online system and the upgrading of port equipment and infrastructure. India’s achievements this year build on a sustained multi-year reform effort. Since 2003-04, India has implemented 48 reforms captured by Doing Business. The most improved business regulatory areas have been starting a business, dealing with construction permits and resolving insolvency,” the listing said. Also Read - 'Win-win For 130 Crore Indians', PM Modi Lauds Corporate Tax Cut Announcement, Calls The Move 'Historic'
The other top improvers are Azerbaijan, Bahrain, Bangladesh, China, Djibouti, Jordan, Kenya, Kosovo, Kuwait, The Kyrgyz Republic, Myanmar, Nigeria, Pakistan, Qatar, Saudi Arabia, Tajikistan, Togo, Uzbekistan, Zimbabwe.
Pakistan improved in six areas —starting a business, dealing with construction permits, getting electricity, registering property, paying taxes and trading across borders.
According to the list, Pakistan made starting a business easier by expanding procedures available through the online one-stop-shop. Obtaining a construction permit became easier after the Sindh Building and Control Authority and the Lahore Development Authority streamlined approval workflows. Tax compliance became easier through online payment modules. Pakistan made trading across borders easier by enhancing the integration of various agencies into an electronic system and by improving coordination of joint physical inspections at the port, the report said.