India moved up 79 places in World Bank's ease of doing business rankings: Economic Survey 2019-20
Showing a significant improvement since 2014, the Economic Survey 2019-20 tabled by finance minister Nirmala Sitharaman stated that India has moved up 79 places in the World Bank's ease of doing business rankings
New Delhi: Since 2014, India has moved up 79 places in the World Bank's ease of Doing Business rankings. In 2014, India stood at 142 and improved considerably to reach 63 in 2019, the Economic Survey 2019-20 which was tabled in Parliament stated, adding that the nation has improved on seven out of the 10 parameters.
Drawing light to the reduction in the number of procedures to set up a business from 13 to 10 over the past 10 years, the survey also stated that “Today, it takes an average of 18 days to set up a business in India, down from 30 days in 2009.
The Economic Survey also said that though there has been a reduction in the time and cost of starting a business, a lot more needs to be done.
The Economic Survey 2019-20 which was tabled by finance minister Nirmala Sitharaman on Friday also highlighted that the services sector too faces many regulatory hurdles even for routine businesses.
“The bars and restaurants sector is an important source of employment and growth everywhere in the world. It is also a business that, by its nature, faces a high frequency of starting new businesses and shutting old ones. A survey showed that the number of licenses required to open a restaurant in India is significantly more than elsewhere," it read.
While the government has already reduced procedural and documentation requirements considerably, increasing digitalization and seamlessly integrating multiple agencies onto a single digital platform can further reduce these procedural inefficiencies significantly and improve user experience substantially.