Discuss the determinants of Ease of Doing factors have contributed improvement of Business prescribed by World Bank. Which in India’s rank in ease of doing business? (Answer limit: 100 words, Marks 10) [RPSC 2023]
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The World Bank’s Ease of Doing Business index considers several determinants, including regulatory environment, ease of starting a business, construction permits, electricity access, property registration, and tax compliance. Improvements in these areas, driven by reforms like digitalization, streamlined processes, and enhanced transparency, have significantly contributed to better business conditions. As of the latest rankings, India has made notable progress, moving up to 63rd position in the Ease of Doing Business index. This reflects ongoing efforts to simplify regulations and promote a more conducive environment for entrepreneurs and investors.
The World Bank’s Ease of Doing Business (EODB) index evaluates factors such as regulatory environment, access to credit, tax compliance, property registration, and ease of starting a business. Improvements in these areas can enhance entrepreneurial activities and attract foreign investment. In 2020, India ranked 63rd out of 190 countries, a significant improvement from previous years, largely due to reforms in tax compliance (Goods and Services Tax), insolvency laws, and digitalization of processes. These efforts have fostered a more conducive environment for business operations, reflecting India’s commitment to economic reform.