Answer the question in maximum 50 words/5 to 6 lines. This question carries 05 marks. [MPPSC 2023]
What is the concept of ‘ease of doing business’?
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The concept of ‘ease of doing business’ refers to the regulatory environment and overall conditions that facilitate or hinder business operations within a country. It encompasses various factors, including the simplicity of starting a business, obtaining permits, accessing credit, paying taxes, and enforcing contracts. A higher ease of doing business score typically indicates a more favorable environment for entrepreneurs and investors, promoting economic growth and attracting foreign investment. Governments often strive to improve this ease by streamlining processes, reducing bureaucracy, and enhancing transparency. The World Bank’s annual report on the ease of doing business ranks countries based on these criteria, guiding policy reforms.