India more business-friendly but has far to go: World Bank
India jumped 12 places to 120th of 178 countries on the overall ease of doing business. Day in pics | Corporate humour
By Agencies |
BANGALORE: India is becoming more business-friendly but has a long way to go before it catches up with fellow fast-developer China, a World Bank report released Thursday showed.
India jumped 12 places to 120th of 178 countries on the overall ease of doing business, said the report by the World Bank and its private-sector arm, the International Finance Corp.
China improved by nine places to 83rd, said the report entitled "Doing Business 2008."
India ranked 177 out of 178 in enforcing contracts. It takes almost four years to resolve a commercial dispute through the courts in Mumbai, compared with slightly over a year in China's Shanghai, said the report.
It takes 10 years to go through bankruptcy in India, compared with less than two years in Shanghai.
There are also large discrepancies within India, with the time to obtain licences ranging from 159 days in Bhubaneshwar to 522 in Ranchi.
Meanwhile, the time to register property ranges from 35 days in Hyderabad and Bangalore in the south of India to 155 in Kolkata, eastern India.
"We are working with the World Bank Group to initiate reforms in the cities of Mumbai, Hyderabad, Kolkata and Delhi in the first phase," said Gopal Krishna, a senior official in India's department of industry policy.
In a statement, he said the reforms would focus on the ease of starting a business, dealing with licences, registering property, trading across borders and paying taxes.
India jumped 12 places to 120th of 178 countries on the overall ease of doing business, said the report by the World Bank and its private-sector arm, the International Finance Corp.
China improved by nine places to 83rd, said the report entitled "Doing Business 2008."
India ranked 177 out of 178 in enforcing contracts. It takes almost four years to resolve a commercial dispute through the courts in Mumbai, compared with slightly over a year in China's Shanghai, said the report.
It takes 10 years to go through bankruptcy in India, compared with less than two years in Shanghai.
There are also large discrepancies within India, with the time to obtain licences ranging from 159 days in Bhubaneshwar to 522 in Ranchi.
ADVERTISEMENT
Meanwhile, the time to register property ranges from 35 days in Hyderabad and Bangalore in the south of India to 155 in Kolkata, eastern India.
"We are working with the World Bank Group to initiate reforms in the cities of Mumbai, Hyderabad, Kolkata and Delhi in the first phase," said Gopal Krishna, a senior official in India's department of industry policy.
In a statement, he said the reforms would focus on the ease of starting a business, dealing with licences, registering property, trading across borders and paying taxes.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
