Recently, World Bank has released Ease of Doing Business report for 2018, which placed India at 100th rank out of 190 countries.
India had ranked poorly on "ease of doing business" for past few years.
In the previous rankings for 2017, it ranked at 130th position.
India is among the top 30 nations in three categories:
Protecting minority investors.
Country is one of the top 10 improvers in this year's assessment.
The country improved its ranking on six out of the 10 parameters becoming the only large economy to do so.
The World Bank noted that India lagged in areas such as:
Starting a business
Dealing with construction permits.
Factors for improvement in ranking:
In 2016, Income Computation and Disclosure Standards (ICDS), an accounting standard for the
purpose of income tax was introduced.
It advances some income and postpones some expenses to arrive at the profitability of companies.
Hence, data gathering has become automated due to the use of the latest software.
Dealing with construction permits:
India made obtaining a building permit faster by implementing an online single-window system for the approval of building plans.
India has strengthened access to credit by amending the rules on the priority of secured
creditors outside reorganization proceedings and adopting a new insolvency and bankruptcy code.
Trading across borders:
India reduced border compliance time by improving infrastructure at the Nhava Sheva Port in Mumbai.
Export and import border compliance costs reduced in Delhi and Mumbai after removal of merchant overtime fees.
The country has regulated the profession of insolvency administrators apart from adopting a new insolvency and bankruptcy code.
Starting a business:
India streamlined the business incorporation process by introducing the SPICe form (INC-32) that which combined the application for the Permanent Account Number (PAN) and the Tax Account Number (TAN) into a single submission.