India not easy to do business in: World Bank
Bulls to push Sensex higherIndo-Asian News Service
New Delhi, September 26, 2007
First Published: 18:05 IST(26/9/2007)
Last Updated: 20:06 IST(26/9/2007)
Even as India's markets soar and the economy grows at over 9 per cent, the World Bank on Wednesday said it was not easy doing business in India.
India was ranked 120th, though up 12 positions from last year,
in an annual report titled "Doing Business 2008" issued by the Bretton Wood twins, the World Bank and its private lending arm International Finance Corp (IFC).
India ranks lower than Tunisia, Botswana, Uruguay and Ethiopia.
The report indicated that for obtaining a business license in India, it may take anywhere between 159 and 522 days, depending on the state.
To register a property in India, the wait can be as long as 155 days compared to a shorter time even in its immediate neighbours such as Pakistan, Nepal, Sri Lanka, Bangladesh and Bhutan.
Incidentally, the report came on the day when the Sensitive index (Sensex) of the Bombay Stock Exchange (BSE) breached the 17,000-point mark for the first time - taking barely seven sessions to climb 1,000 points.
The report said that China rose nine ranks over the last year to grab the 83rd position. Topping the list is Singapore followed by New Zealand, the US, Hong Kong, Denmark, Britain and Canada.
Countries that have emerged as world's top 10 reformers are Egypt, Croatia, Ghana, Macedonia, Georgia, Colombia, Saudi Arabia, Kenya, China and Bulgaria.
The Maldives and Pakistan lead others in South Asia. Notable reforms have been observed in Afghanistan, Bhutan, Pakistan and Sri Lanka.
"The benefits of increased regulatory reform are especially large for women. Women often face regulations that may be aimed at protecting them," said Melissa Johns, an author of the report.
"But the effect is counterproductive, forcing women into the informal sector, where they lose out on job security and social benefits."
The rankings are based on 10 indicators of business regulation that track the time and cost to meet government requirements in business start-ups, operations, trade, taxation and closure.
India not easy to do business in: World Bank- Hindustan Times