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EASE OF DOING BUSINESS RANKINGS 2019
India ranked 142nd in 2015 Ease of doing business rankings published on 29 October 2014 by the World Bank. Since then it has jumped 65 places to reach its current 77th position in 2019 rankings, published on 31 October 2018. The Ease of doing business rankings are published by the World Bank and is of international repute. A Country’s ranking is a reflection of its business policies and the overall conditions in the Country that either foster or inhibit growth of businesses.
INDIA’S PERFORMANCE
In resolving insolvency, India got a score 40.84 in 2019, a 0.09 increase from 40.75 in 2018. Regarding protection of minority investors, India got a rank of 7 and a score of 80 which was unchanged for both years .In getting credit, India’s rank was 22 with a score of 80 which was a 0.5 increase from a score of 75 in 2018.In starting a business, India’s rank was 137 with a score of 80.96 which was a 7.06 increase from a score of 73.90 in 2018
NEED FOR CHANGE
The impact of major policy changes by the Union Government that are primarily the De-monetization and the GST introduction, is seen heavily on foreign investors. There has to be the reduction in red tapes and bureaucracy that hamper the climate of doing business in India. Some incentives have been undertaken like the setup of Special Economic Zones (SEZ) and the tax exemption to startups and angel investors.
MEASURES TAKEN BY GOVERNMENT
The Ministry of Corporate Affairs in an order dated 18th September 2019, announced the formation of a Company Law Committee. It is to be chaired by the Secretary, Ministry of Corporate Affairs and will have a tenure of 1 year. It functions are as follows-
This is a positive step taken by the Union Government and will help to further improve the ease of doing business in India and thus help the ageing economy.
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