India Aims for High Ranking in World Bank's Business Ready Report
By Rediff Money Desk, New Delhi May 05, 2024 13:40
India's commerce ministry is working to improve its ranking in the World Bank's upcoming Business Ready report, focusing on international trade. The report, replacing the Doing Business index, assesses business environment and investment climate globally.
![India Aims for High Ranking in World Bank's Business Ready Report](https://im.rediff.com/money/2020/sep/15business-2.jpg)
Illustration: Dominic Xavier/Rediff.com
New Delhi, May 5 (PTI) With the World Bank planning to come out with its first Business Ready report in September this year, the commerce ministry has started working on the international trade topic in detail to further push India's ranking, an official said.
Business Ready (B-READY) is the World Bank's new flagship report benchmarking the business environment and investment climate in most economies worldwide.
The report assesses the regulatory framework and public services directed at firms, and the efficiency with which regulatory framework and public services are combined in practice.
The first B-READY report will be launched on September 25, 2024.
The Business Ready report is replacing the World Bank Group's earlier Doing Business index. In 2020, the World Bank decided to pause the publication of its Doing Business report following a number of irregularities regarding changes to data in previous reports.
The new focuses on 10 topics covering the lifecycle of a firm in the course of starting, operating, or closing or reorganizing its activities.
The topics are Business Entry, Business Location, Utility Services, Labor, Financial Services, International Trade, Taxation, Dispute Resolution, Market Competition, and Business Insolvency.
Over the next three years, the project will grow to cover about 180 economies worldwide annually, starting with 54 economies in 2023-24, 120 economies in 2024-25, and reaching 180 economies in 2025-26.
"Concerned ministries are working on their respective topics, the commerce ministry is working on the international trade part. We are preparing the replies to all the questionnaires under this subject. The aim is to push India's rankings," the official said.
Issues that are there under the trade topic include quality of regulations for international trade; public services; efficiency of importing and exporting goods, and engaging in digital trade.
India has over the years taken a series of measures to improve trade infrastructure and boost ease of doing business. India's exports of goods and services have crossed over USD 760 billion in 2023-24.
Business Ready (B-READY) is the World Bank's new flagship report benchmarking the business environment and investment climate in most economies worldwide.
The report assesses the regulatory framework and public services directed at firms, and the efficiency with which regulatory framework and public services are combined in practice.
The first B-READY report will be launched on September 25, 2024.
The Business Ready report is replacing the World Bank Group's earlier Doing Business index. In 2020, the World Bank decided to pause the publication of its Doing Business report following a number of irregularities regarding changes to data in previous reports.
The new focuses on 10 topics covering the lifecycle of a firm in the course of starting, operating, or closing or reorganizing its activities.
The topics are Business Entry, Business Location, Utility Services, Labor, Financial Services, International Trade, Taxation, Dispute Resolution, Market Competition, and Business Insolvency.
Over the next three years, the project will grow to cover about 180 economies worldwide annually, starting with 54 economies in 2023-24, 120 economies in 2024-25, and reaching 180 economies in 2025-26.
"Concerned ministries are working on their respective topics, the commerce ministry is working on the international trade part. We are preparing the replies to all the questionnaires under this subject. The aim is to push India's rankings," the official said.
Issues that are there under the trade topic include quality of regulations for international trade; public services; efficiency of importing and exporting goods, and engaging in digital trade.
India has over the years taken a series of measures to improve trade infrastructure and boost ease of doing business. India's exports of goods and services have crossed over USD 760 billion in 2023-24.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 17.90 ( -3.35)
- 166585989
- Alstone Textiles
- 0.75 (+ 8.70)
- 47681821
- GTL Infrastructure
- 3.27 (+ 4.81)
- 44040612
- Visagar Financial
- 0.91 (+ 12.35)
- 29755394
- YES Bank Ltd.
- 23.70 (+ 0.77)
- 22163699
MORE NEWS
![Piyush Goyal:...](https://im.rediff.com/80-80/money/2017/jan/11goyal.jpg)
Piyush Goyal: Govt Committed to Industrial...
Hyderabad, Jun 30 (PTI) Union Commerce Minister Piyush Goyal on Sunday said the...
![Piyush Goyal:...](https://im.rediff.com/80-80/money/2019/jan/23piyush.jpg)
Piyush Goyal: Govt Committed to Industrial...
Hyderabad, Jun 30 (PTI) Union Commerce Minister Piyush Goyal on Sunday said the...
![Indian Economy...](https://im.rediff.com/80-80/money/2020/nov/22economy.jpg)
Indian Economy Growth: Exports, Manufacturing &...
Mumbai, June 30 (PTI) Healthy increase in the country's exports, improvement in the...