India jumps 23 spots to No

01 November, 2018, 15:36 | Author: Kathy Ellis
  • 6:28 pm
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In resolving insolvency, Pakistan made it easier by introducing the reorganisation procedure and improving continuation of the debtors business during insolvency proceedings. The country, it added, has improved its ranking by 53 positions in the last two years and 65 positions in four years since 2014.

At that time, the country was battling perceptions of excess red-tape and policy paralysis.

"Jumping to 11th place worldwide and maintaining the first ranking across the Arab countries in Ease of Doing Business Report 2019 is a results of the efforts exerted by the government entities in the UAE and Dubai, in particular", Al Qamzi added.

It was 130th in 2017 when it was ranked lower than Iran and Uganda.

India jumped 23 spots to rank 77 out of 190 nations in the World Bank's Ease of Doing Business index on Wednesday. "The most dramatic improvements have been registered in the indicators related to "construction permits" and "trading across borders".

New Zealand has topped the World Bank's ranking of the best countries to start and run a business in 2018, ahead of Singapore, Denmark and Hong Kong. United States was at 8th rank, while Taiwan China was at 13th rank.

The Getting Credit score slid to 5 from 30 past year, even as it said that credit for micro, small and medium enterprises grew 19% - which is the fastest in the region, according to the Finance department. China has carried out massive reforms and where it outshone India is the key area of registering property.

"Legislation is already in place with regard to enforcement of contract, taxation, and insolvency".

A view of Nairobi at night
A view of Nairobi at night

"The government is committed to taking steps to facilitate in conducting business and to attract foreign investment", Dawood said.

Jitendra Gianchandani, chairman and managing partner of Jitendra Consulting Group, said the UAE's improvement in the ranking from 21st place to 11th is phenomenal.

"As we go on, we will continue to improve more".

Chairman Board of Investment, Haroon Sharif stressed the fact that this improvement clearly reflects the confidence of private sector on the reform drives of the government. It was at 100th place a year ago and now it is at 77th rank.

"We demand that the World Bank review the Philippines' rating, and make a correction immediately given our country's increases in the Ease of Doing Business (EODB) scores, which was, unfortunately, offset by the grossly inaccurate and understated findings in the Getting Credit indicator of the Report", the statement read.

The Organisation for Economic Cooperation and Development criticised Mauritius past year for acting as a tax haven and leaching tax revenues from mainland African nations. 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. Governments around the world set a new record, implementing 314 business reforms over the past year, compared to 290 reforms implemented in the previous year.

According to the World Bank, Zimbabwe made dealing with construction permits faster by adopting a one-stop shop for building plan approvals.

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