Photographs: Adnan Abidi/Reuters
India has slipped three positions to 134th spot in the latest ease-of-doing business list according to World Bank.
In the 'Ease of Doing Business' ranking of 189 economies, India has dropped from 131 spot last year while Singapore continues to remain at the top.
India has been ranked lower at 179 in terms of 'ease of starting a business' in the 2014 list at a time when its government is making efforts to improve the country's business climate. Last year, based on this criteria India was placed at 177th spot.
The ranking of countries are based on various parameters including starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.
"The ranking on the ease of doing business, and the underlying indicators, do not measure all aspects of the business environment that matter to firms and investors or that affect the competitiveness of the economy.
"Still, a high ranking does mean that the government has created a regulatory environment conducive to operating a business," the report said.
India had earlier expressed concerns about the report. Earlier this year, a World Bank-appointed independent panel of experts, in its review report, had suggested scrapping the ranking system with regard to ease of doing business. Recently, a government-appointed panel had suggested a slew of measures to improve the country's business climate.
Take a look at the world’s 10 best countries to do business according to the World Bank…
Inputs: PTI
World's best countries to do business
Photographs: Vivek Prakash/Reuters.
Singapore
Rank: 1
Score: 92.21
GNI Per Capita: $47,210
Singapore offers the world’s most conducive environment for business. It has been ranked the best place to do business for the eighth consecutive year.
Singapore has also been ranked as one of the freest and most competitive nations in the world.
“A better business climate that enables entrepreneurs to build their businesses and reinvest in their communities is key to local and global economic growth,” said World Bank Group President Jim Yong Kim.
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World's best countries to do business
Photographs: Tyrone Siu/Reuters
Hong Kong
Rank: 2
Score: 89.13
GNI Per Capita: $36,560
Hong Kong was ranked 2nd in ease of doing business last year also.
Hong Kong made starting a business less costly by abolishing the capital duty levied on local companies, says the World Bank.
One of the world's leading international financial centres, Hong Kong attractions are low taxation and free trade.
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World's best countries to do business
Photographs: Nigel Marple/Reuters.
New Zealand
Rank: 3
Score: 88.65
GNI Per Capita: $38,222
New Zealand has a modern, prosperous and developed market economy making it the fourth best place to do business.
The country has made enforcing contracts easier by improving its case management system to ensure a speedier and less costly adjudication of cases.
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World's best countries to do business
Photographs: Reuters
United States
Rank: 4
Score: 83.99
GNI Per Capita: $50,120
The world's largest national economy is ranked 4th in the list.
A well-developed infrastructure, high productivity and natural resources make it one of the best places to do business.
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World's best countries to do business
Photographs: Bazuki Muhammad/Reuters
Malaysia
Rank: 5
Score: 81.87
GNI Per Capita: $9,800
With one of the best economic growth records, Malaysia has a highly industrialised economy.
Starting a business is less costly as the country has slashed company registration fees.
Malaysia made dealing with construction permits easier by establishing a one-stop shop.
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World's best countries to do business
Photographs: Bazuki Muhammad/Reuters
Republic of Korea
Rank: 6
Score: 83.74
GNI Per Capita: $22,670
North Korea has an industrialized economy making it the 7th best nation to do business.
While it lags in terms of registering property, getting credit is easy in Korea, says the World Bank.
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World's best countries to do business
Photographs: David Mdzinarishvili/Reuters
Georgia
Rank: 7
Score: 81.07
GNI Per Capita: $3,280
Georgia improved its credit information system by implementing a new law on personal data protection, says World Bank.
Georgia made paying taxes easier for companies by enhancing the use of electronic systems and providing more services to taxpayers.
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World's best countries to do business
Photographs: Reuters
Norway
Rank: 8
Score: 83.16
GNI Per Capita: $98,860
Ranked 8th in the list, Norway is one of the world’s richest countries. The country has the second-highest GDP per-capita in the world.
Norway made starting a business easier by reducing the minimum capital requirement for private joint stock companies.
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World's best countries to do business
Photographs: Chris Radburn/Reuters
United Kingdom
Rank: 9
Score: 83.52
GNI Per Capita: $38,250
United Kingdom is the world's sixth-largest economy by nominal GDP and eighth-largest by purchasing power parity.
Besides, reducing the corporate income tax rate, the United Kingdom made transferring property easier by introducing electronic lodgment for property transfer applications, says World Bank.
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World's best countries to do business
Photographs: Tim Wimborne/Reuters
Australia
Rank: 10
Score: 80.74
GNI Per Capita: $59,570
Australia scores high on getting credit and starting a business.
The country has improved its credit information system through the Privacy Amendment (Enhancing Privacy Protection) Act 2012, which permits credit bureaus to collect account payment history with improved privacy protection, says World Bank.
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