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Gujarat Ranks First in Ease of Doing Business – Projected to grow at more than 7.5 percent in the 2015/16 fiscal year, India sees an opportunity to attract more investments, especially with economic growth slowing in China.
Gujarat emerged as number one State in ease of doing business with 71.14% according to World Bank reports. The focus of the study is on eight key areas – The setting up of a business, allotment of land and obtaining construction permit, complying with environment procedures, complying with labour regulations, obtaining infrastructure-related utilities, registering and complying with tax procedures, carrying out inspections and enforcing contracts. States made good progress in terms of tax reforms, the report stated.
Last year, India slipped two spots in the report, and was ranked lower than Brazil, Russia, China and South Africa – mainly because of delays in approvals for starting a business, tax payments, getting bank loans and property registration.
“The growth of business in India requires concerted action on several fronts – infrastructure, capital markets, trade facilitation and skills,” said Onno Ruhl, the World Bank’s India director. “The stark reality is that India remains a difficult place to do business.”
However, various initiatives taken by India in recent times, Ruhl said, would help the government in focusing on “implementation of reforms relating to start a business, resolving insolvency, enforcing contracts, and trading across borders.”
Andhra Pradesh followed Gujarat with 70.12%. Jharkhand, Chhattisgarh and Madhya Pradesh emerged as top 5 states along with Andhra Pradesh and Gujarat in ease of doing business which is basically an assessment of business reforms sponsored by the Department of Industry Policy and Promotion (DIPP).
Among the major states, West Bengal occupied 11th slot, Tamil Nadu (12th), Haryana (14th), Delhi (15th), Punjab (16th), Himachal Pradesh (17th), Kerala (18th), Goa (19th), Bihar (21st) and Assam (22nd). Arunachal Pradesh is ranked the last with 1.23%.
“What this report does very well is to provide a road map for states serious about improving their business environment and creating jobs,” World Bank country director Onno Ruhl said.
Projected to grow at more than 7.5 percent in the 2015/16 fiscal year, India sees an opportunity to attract more investments, especially with economic growth slowing in China.
Source: The Times of India