Nigeria Drops On Ease Of Doing Business Ranking

A general view shows the central business district Nairobi

A general view shows the central business district Nairobi

In the World Bank's Ease of doing business Index for 2019, India rose 23 places to 77th, up from 100th in 2018 and 130th in 2017.

For three years in a row, New Zealand topped the global financial body's Doing Business Report, released on Wednesday, followed by Singapore and Denmark.

As a result, the country significantly improved its global ranking in this area to 53, from 82 previous year.

India was ranked 142nd among 190 nations when Prime Minister Narendra Modi took office in 2014. India has scored on easing the system of acquiring construction permits, getting electricity, protecting minority investors and trading across borders.

"Trading across borders was made more hard by increasing the number of inspections for importing, thereby increasing the average time for border compliance", the report said.

This year's top 10 improvers, based on reforms undertaken, are Afghanistan, Djibouti, China, Azerbaijan, India, Togo, Kenya, Côte d'Ivoire, Turkey and Rwanda.

The government also introduced the reorganisation procedure and improved the continuation of the debtors' business during insolvency (bankruptcy) proceedings for Karachi and Lahore.

India breaking into the top 50 spot on the World Bank's ease of doing business index now looks "plausible", Finance Minister Arun Jaitley said Thursday, a day after the country recorded a significant jump in the global rankings. "As the reform momentum continues building up in the region, those economies which lag behind have the opportunity to learn from the good practices adopted by their neighbors", Rita Ramalho, senior manager of the World Bank's Global Indicators Group, said in a statement. Brazil made the most improvements, with four reforms.The bulk of the reforms in the region were aimed at improving the legal rights of borrowers and lenders with respect to secured transactions, and the process of starting a business.

While talking to the media, Fareena Mazhar, Executive Director General BOI, explained that in addition to introduction of reforms, other positive data corrections also contributed to the unprecedented improvement in ranking of Pakistan.

Nigeria made starting a business easier by introducing an online platform to pay stamp duties.

"As a result, the time for a business to register a property transfer has now been reduced to 49 days, from 61 days", the report noted. The United Arab Emirates made getting electricity easier by eliminating all costs for commercial and industrial connections of up to 150 kVA.

BJP President Amit Shah today said it is a matter of pride that India has made another phenomenal jump in the World Bank Ease of Doing Business' rankings.

The report explains that Ghana's progress reflects reforms in three key areas: First, the Government has made it easier to Deal with Construction Permits by strengthening construction quality control by imposing stricter qualification requirements for professionals in charge of technical inspections.

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