India jumps 23 spots to No

India jumps 23 spots to No

Four recent key regulatory reforms affecting small- and medium-sized businesses in Thailand have been highlighted in the World Bank's latest Ease of Doing Business report.

Turkey carried out a record number of business reforms in the past year, earning the country a spot in this year's top 10 global improvers, read the World Bank Group's Doing Business 2019: Training for Reforms report on October 31.

Prabhu said India's leap of 23 ranks in the ease of doing business ranking is significant considering that previous year India improved its ranking by 30 places, a rare feat for any large country the size of India.

This year, Doing Business collected data training of customs clearance officials and brokers and finds that training results in lower border and documentary compliance times, easing the movement of goods across borders. A score closer to 100 indicates a more efficient business environment and stronger legal institutions.

"During this past year, Kenya has once again showcased itself as one of the global leaders in adopting worldwide best practices in business regulation", said Felipe Jaramillo, the WB Kenya country director.

Quezon City was the report's benchmark for the Philippines.

Other strengths for Kenya reviewed by World bank include strengthening requirements regulations for minority investors, Increasing shareholder rights and calls for greater corporate transparency.

"In the area of Starting a Business, the Philippines simplified tax registration and business licensing processes, but increased tax registration costs". The most dramatic improvements, however, were registered in indicators related to construction permits and trading across borders.

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New Zealand is ranked the first position followed by Singapore and Denmark while Somalia emerged the worst followed by Eriteria and Venezuela.

"East Asia and Pacific region has made significant progress in enabling entrepreneurship and private enterprise".

This year's study has taken into account the implementation of GST, which the World bank ignored last year.

The DoF also wrote to World Bank country director for Brunei, Malaysia, Thailand, and the Philippines to challenge the report's methodology.

The World Bank said the UAE is experiencing improvements in court efficiency and quality of decisions.

. It takes 69 days and costs about 8 per cent of the property value to register a property, compared to 20 days and 4.2 per cent among high income OECD economies.

According to the report, among south Asian neighbours, Pakistan's regional average score stands at 56.71, with China at 73.6, India at 67.23, and Bangladesh at 41.97.

Briefing reporters in New Delhi, Finance Minister Arun Jaitley said, Prime Minister Narendra Modi had set the aim of reaching top 50 of the rankings and we have improved steadily from 142 to 77 in the last 4 years.

The report lauded India for investing in port equipment, strengthening management and improving electronic document flow.

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