India jumps 23 spots to No

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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.

Jitendra Gianchandani, chairman and managing partner of Jitendra Consulting Group, said the UAE's improvement in the ranking from 21st place to 11th is phenomenal.

Long known for its bureaucracy, India has made major strides in improving prospects for businesses in the country, the World Bank said in a report on Wednesday.

Malta, according to the World Bank, will be the most hard place in the whole of the European Union in which to do business, according to the World Bank's annual Ease of Doing Business Survey released yesterday.

During the first half of 2018, they said, China introduced reform measures to streamline its construction permitting process by implementing unified platforms for all building review processes in Beijing and Shanghai.

While reforms in the region covered all areas of Doing Business, many improvements focused on easing construction permitting and cross border trade.

Currently, it takes 113 days in Rwanda to get a construction permit.

This essentially means that over the past year Nigeria has improved its business regulations as captured by the Doing Business Indicators and in absolute terms, the country is narrowing the gap with global regulatory best practice.

"Things have improved considerably on the ground and these have now been reflected in the World Bank report", said Soumya Kanti Ghosh, chief economic adviser to the State Bank of India group.

"I believe it is entirely possible for the country to transform the regulatory environment and create a more competitive business environment, however, this improvement needs to be sustained and accelerated".

In the past year, China has implemented reforms in seven out of the ten assessment indicators, the World Bank said. It takes 69 days and costs about 8 per cent of the property value to register a property, compared to 20 days and 4.2 per cent among high income OECD economies. This is another area in which reforms have been carried out for a third consecutive year. Further, India reduced the time and cost of export and import through various initiatives, including the implementation of electronic sealing of containers, the upgrading of port infrastructure and allowing electronic submission of supporting documents with digital signatures, it said. A second study finds that regular training for customs clearance officials and brokers results in lower border and documentary compliance times, easing the movement of goods across borders. In reports over the previous two years, China ranked No.78.

"Getting credit was also strengthened by improving access to credit information and enhancing the rights of secured creditors in bankruptcy proceedings". Afghanistan, with five reforms, moved up 16 spots to 167 place in the global rankings.