Thursday, 15 November, 2018

Pakistan jumps 11 spots in World Banks Ease of Doing Business index

New Zealand is best place to do business but UK slips to ninth – report Kenya Posts Improvement in 2018 Ease of Doing Business Rankings
Lindsey Cook | 01 November, 2018, 11:27

India improved its ranking on the World Bank's "ease of doing business" report for the second straight year, jumping 23 places to the 77th position on the back of reforms related to insolvency, taxation and other areas.

Pakistan has jumped 11 places to 136th on the World Bank's ease of doing business global ranking 2019, according to a report released by the Washington-based lender on Wednesday.

The latest jump comes in an election year, as the government is under opposition attack for the rise in petrol prices, the fall of the rupee and the differences with the Reserve Bank of India.

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.

Perhaps unsurprisingly, Malta fared best in the area of "Dealing with construction permits", where the country was ranked in a global 45 position. Last year, India was ranked at 100. But in recent years, particularly since Modi was elected in 2014, the government has enticed foreign companies including Apple and Ikea to open factories and stores after years of delays. "It's a collaborative effort and a combination of several interventions that has resulted in improvement into this "Ease of doing Business" index".

"While this is a great accomplishment which we must celebrate, I also encourage the government to persist in its efforts to address the remaining hurdles that affect the establishment and growth of SMEs in the country, a segment that is critical to the creation of more jobs and opportunities for Kenyan youth", said World Bank Kenya Country Director Felipe Jaramillo.

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At a press conference, finance minister Arun Jaitley identified property registration and starting businesses, where India is still ranked low, as focus areas in coming years.

Rwanda, which recently spent £30m in a sponsorship deal with Arsenal football club, carried out the most reforms in the region in past year, with seven, and moved up to 29th in the World Bank ranking. With Djibouti, which makes it to this list for the second consecutive year, Africa occupies half of the top 10 most improved economies list. It also improved building quality control by introducing decennial liability and insurance. India made Paying Taxes easier by merging diverse sales taxes into a single General Sales Tax (GST).

The report lauded India for investing in port equipment, strengthening management and improving electronic document flow.

"Getting Electricity and Trading Across Borders also saw reforms in the two cities".

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.

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