January 23, 2019

Malaysia in top 20 on World Bank’s business conduciveness ladder

01 November 2018, 11:26 | Joann Bryant

A general view shows the central business district Nairobi

A general view shows the central business district Nairobi

"This resulted in the dramatic increase in the overall business score, which led to the jump in the ranking from 24th position to 15th this year", he told a media briefing on the World Bank Doing Business 2019 Report here today. Last year, India was ranked at 100.

"In the past 10 years, Hong Kong has maintained its position among the world's top ranking economies in the report, re-affirming our favourable business environment for overseas companies to set up their regional headquarters and offices, and for all businesses to flourish", the spokesman said. Besides, the Congress has persistently pointed to what it calls the "failure" of PM Modi's "Make in India" initiative.

Long known for its bureaucracy, India has made major strides in improving prospects for businesses in the country, the World Bank said in a report on Wednesday. The checklist includes ease of starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts and resolving insolvency, reported news agency Press Trust of India. The U.S. ranks 8th, down from 6th a year ago.

"India was consistently ranked in the 180s when it came to "Dealing in Construction Permits", but since the implementation of uniform bylaws, we improved from 184 in 2015 to 52 in 2018".

In its section on Malaysia, the report commended the country's efforts towards embracing digital transformation, which it said facilitated easier tax reporting, permit applications, power connections, cross-border trading, and resolution of insolvency issues.

Secretary of the Department of Industrial Policy and Promotion (DIPP) said that India has been recognised among top 10 improvers for the 2nd consecutive year. The country now ranks first among South Asian countries, compared to the sixth slot it held in 2014, he added. It also improved building quality control by introducing decennial liability and insurance.

It also performs well in the area of registering property, with a global rank of 39, and at just five days, it is four times faster to register a property transfer in Turkey than in the region, according to the report. We need to crack the code and try and improve on the criterion in which we lack, the FM said. India made Paying Taxes easier by merging diverse sales taxes into a single General Sales Tax (GST).

Despite depressed credit that has gripped the market since 2016, Kenya moved from position 29 to eight in getting credit metric, courtesy of introducing law on secured transactions that created a unified legal framework.

India also performs particularly well in the area of Protecting Minority Investors, with a global rank of 7, and scoring a ideal 10 in the index measuring shareholders' rights and role in major corporate decisions.

The report measures progress of economic reforms in only two cities including Delhi and Mumbai.

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