Doing business in India isn’t easy and while the government has announced audacious goals (and retracted) like company incorporation within 48 hours, the latest report by World Bank and IFC has puts India steadily in position number 132 (among 185 economies) – same as last year’s ranking.
Globally, Singapore tops the global ranking on the ease of doing business for the seventh consecutive year. Joining it on the list of the 10 economies with the most business-friendly regulation are Hong Kong SAR, China; New Zealand; the United States; Denmark; Norway; the United Kingdom; the Republic of Korea; Georgia; and Australia.
Doing Business 2013: Smarter Regulations for Small and Medium-Size Enterprises (link) assesses regulations affecting domestic firms in 185 economies and ranks the economies in 10 areas of business regulation, such as starting a business, trading across borders, and resolving insolvency. The report also records regulatory reforms in those areas in the year from June 2011 to June 2012.
However, the good news is that India is the first economy in the region to make dealing with construction permits easier for local firms since 2005. In the past year India established strict time limits for preconstruction approvals, reducing the time needed to process permit applications.
Economies in South Asia have implemented 65 regulatory reforms making it easier to do business since 2005. India leads the region with 17 reforms during this period.