India's proactive approach in preparing for the World Bank's Business Ready Report is commendable. Starting preparations five months in advance reflects a commitment to presenting a comprehensive and well-prepared assessment. It suggests a strategic focus on addressing potential issues, improving the business environment, and showcasing the country's readiness for investment and economic growth. This initiative demonstrates India's dedication to fostering a conducive environment for businesses, which can ultimately contribute to its overall economic development.
The transition from the Ease of Doing Business report to the Business Ready Report (B-READY) by the World Bank signifies an evolution in how countries' business environments are assessed and evaluated. India's proactive stance in preparing for this new index demonstrates a recognition of the importance of adapting to changes in global assessment criteria. By focusing on better performance in the upcoming B-READY report, India aims to enhance its attractiveness for investment and foster a more conducive environment for businesses to thrive. This proactive approach reflects India's commitment to staying abreast of international standards and continuously improving its business ecosystem.
The World Bank will now introduce the Business Ready Report, replacing the Ease of Doing Business index.
The inaugural Business Ready Report from the World Bank is scheduled for release on September 25 this year, leaving approximately five months until its publication. The Indian government is keen to secure a favorable position in this new assessment. Consequently, the central government has already ramped up preparations, initiating a series of meetings to strategize for the impending report.
This is how the report will be prepared.
The World Bank's Business Ready Report is set to supplant the longstanding Ease of Doing Business Index, which has been annually published thus far. This report will furnish insights into the business climate and investment environment across significant economies worldwide, with a focus on adhering to various corporate regulations. It will elucidate the ease of establishing or operating a company within a particular country.
This initiative is spearheaded by the Government of India.
The Indian government is actively endeavoring to position the country as the premier investment hub for corporations worldwide. It aims to attract major global companies to invest in India. By doing so, the government anticipates a boost in local manufacturing, thereby advancing its objective of a self-reliant India. Additionally, significant progress is expected in mitigating unemployment issues within the country. Hence, the Government of India is placing considerable emphasis on the forthcoming World Bank report.
India's position in the Ease of Doing Business ranking.
India ranked 63rd among 190 countries in the 2019 Ease of Doing Business Report, marking a significant improvement from its 2014 ranking of 142nd. This leap of 79 places within 5 years underscores India's notable progress in enhancing its business environment. In February, the government announced that the Department for Promotion of Industry and Internal Trade (DPIIT) is actively undertaking various initiatives to facilitate business and investment in the country.
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