Oct 30 2014 : The Times of India (Delhi)
India drops 2 spots to 142nd in `ease of doing biz' index
Chidanand Rajghatta
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Washington
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India has slipped two places to stand 142nd out of 189 countries ranked by the World Bank for `ease of doing business', underscoring the tough task that lies ahead of the Narendra Modi government which has said it wants to make India a businessfriendly country .On the 10 parameters used to measure ease of doing business in WB's 2015 report, covering the period from June 2013 to May 2014 (when UPA was in power), India came close to the bottom in two categories. It stood a wretched 184th in the category `dealing with construction permits' and 186th in `enforcing contracts'.
On the bright side, India stood 7th -an improvement of 14 places -when it came to `protecting minority investors'. This is the only category in which it has shown an improvement from 2013, when it was ranked 21 in this category and 140 in the overall ease of doing business.
All of India's neighbours, except for Bangladesh (173) and Afghanistan (193), were ranked higher.
Tops in consumer confidence again
India continues to top the global consumer confidence ndex, but given the slowdown n discretionary spends, it has dipped by two points in the hird quarter of 2014, according o a Nielsen survey released on Wednesday. The survey said hat India scored 126 in the hird quarter, followed closely by Indonesia (125) in second position. P 19 India's ranking in other eight categories are:
Starting a Business (158th), Getting Electricity (137), Registering Property (121), Getting Credit (36), Paying Taxes (156), Trading Across Borders (126), and Resolving Insolvency (137).
Getting construction permits in India involved an average of 25 procedures that took 186 days and cost 28% of the warehouse value. Enforcing contracts took 46 procedures and 1,420 days or nearly four years. Getting electricity took 106 days and registering a property 47 days.
Indicators measured in Mumbai, India's business epicenter, showed it required 13 procedures to start a business, and 30 days to accomplish this, compared to an average of 4.8 procedures and 9.2 days in advanced economies.
The Modi government, which aggressively made ease of doing business part of its agenda and has already initiated some steps, has plenty to chew on in the report that chronicles how enervating it is to start a business in India.For instance, it takes five days to pay stamp duties online, file all incorporation forms and documents online and obtain the certificate of incorporation and five days to request and obtain Certificate to Commence Operations.
It takes between a week and 12 days for each of the following procedures: Obtain a Permanent Account Number (PAN) from an authorized franchise or agent appointed by National Securities Depository Services Limited (NSDL) or Unit Trust of India (UTI) seven days; Register with Employees' Provident Fund Organization --12 days, simultaneous with previous procedure: Register for VAT online -10 days, simultaneous with previous procedure; Register for medical insurance (ESIC) -nine days, simultaneous with previous procedure; Obtain a tax account number for income taxes deducted at source from the Assessing Office in the Mumbai Income Tax Department seven days.
China topped the neighbourhood at 90.
On the bright side, India stood 7th -an improvement of 14 places -when it came to `protecting minority investors'. This is the only category in which it has shown an improvement from 2013, when it was ranked 21 in this category and 140 in the overall ease of doing business.
All of India's neighbours, except for Bangladesh (173) and Afghanistan (193), were ranked higher.
Tops in consumer confidence again
India continues to top the global consumer confidence ndex, but given the slowdown n discretionary spends, it has dipped by two points in the hird quarter of 2014, according o a Nielsen survey released on Wednesday. The survey said hat India scored 126 in the hird quarter, followed closely by Indonesia (125) in second position. P 19 India's ranking in other eight categories are:
Starting a Business (158th), Getting Electricity (137), Registering Property (121), Getting Credit (36), Paying Taxes (156), Trading Across Borders (126), and Resolving Insolvency (137).
Getting construction permits in India involved an average of 25 procedures that took 186 days and cost 28% of the warehouse value. Enforcing contracts took 46 procedures and 1,420 days or nearly four years. Getting electricity took 106 days and registering a property 47 days.
Indicators measured in Mumbai, India's business epicenter, showed it required 13 procedures to start a business, and 30 days to accomplish this, compared to an average of 4.8 procedures and 9.2 days in advanced economies.
The Modi government, which aggressively made ease of doing business part of its agenda and has already initiated some steps, has plenty to chew on in the report that chronicles how enervating it is to start a business in India.For instance, it takes five days to pay stamp duties online, file all incorporation forms and documents online and obtain the certificate of incorporation and five days to request and obtain Certificate to Commence Operations.
It takes between a week and 12 days for each of the following procedures: Obtain a Permanent Account Number (PAN) from an authorized franchise or agent appointed by National Securities Depository Services Limited (NSDL) or Unit Trust of India (UTI) seven days; Register with Employees' Provident Fund Organization --12 days, simultaneous with previous procedure: Register for VAT online -10 days, simultaneous with previous procedure; Register for medical insurance (ESIC) -nine days, simultaneous with previous procedure; Obtain a tax account number for income taxes deducted at source from the Assessing Office in the Mumbai Income Tax Department seven days.
China topped the neighbourhood at 90.
