Has India Really Climbed 79 Ranks in the World Bank's EoDB List?
Synopsis
Key Takeaways
New Delhi, Feb 10 (NationPress) India has made a remarkable leap of 79 ranks in the ease of doing business (EoDB) over the past five years, according to the latest rankings revealed by the World Bank Group, as reported in Parliament on Tuesday.
In the wake of the cessation of the Doing Business Report (DBR) in 2020, the World Bank initiated the B-Ready Assessment in 2024 to analyze over 180 countries across ten critical business lifecycle topics: Business Entry, Business Location, Utility Services, Labour, Financial Services, International Trade, Taxation, Dispute Resolution, Market Competition, and Business Insolvency.
The Minister of State for the Ministry of Commerce & Industry, Jitin Prasada, indicated in a written response in the Lok Sabha that India will feature in the forthcoming Third B-Ready Report, which is set to be published in 2026.
To enhance India's business environment, attract investments, and stimulate economic growth, numerous initiatives have been launched by the Department for Promotion of Industry and Internal Trade (DPIIT), including the Business Reforms Action Plan (BRAP) under the overarching Ease of Doing Business initiative, as stated by the minister.
The BRAP initiative, which commenced in 2014, aims to streamline regulations, lessen compliance burdens, and implement digital solutions to improve the business landscape in India.
Noteworthy reforms include the establishment of single window systems, simplification of building permissions, enhancement of inspection processes, and digitization of various business operations. These reforms are designed to make India a more appealing destination for both domestic and foreign investments, the minister elaborated.
Up to now, seven editions of BRAP (2015, 2016, 2017-18, 2019, 2020, 2022, and 2024) have been completed, with States/UTs assessed accordingly. The seventh edition, BRAP 2024, is currently underway. More than 9,700 reforms have been implemented across States and Union Territories, as explained by the minister.
Under the Regulatory Compliance Burden (RCB) initiative, introduced by the Government of India in 2020, Central Ministries/Departments and States/UTs engaged in a self-identification exercise to alleviate excessive compliance for businesses and citizens. Consequently, over 47,000 compliance issues have been eliminated in the last five years, he added.