New Delhi – India has jumped up 79 positions in World Banks Doing Business rankings, improving from 142 in 2014 to 63 in 2019 said Finance Minister Nirmala Sitharaman . It has progressed on seven out of the 10 parameters. The Goods and Service Tax (GST) and the Insolvency and Bankruptcy Code (IBC) top the list of reforms that have propelled India’s rise in rankings. However, it continues to trail in parameters such as Ease of Starting Business (rank 136), Registering Property (rank 154), Paying Taxes (rank 115), and Enforcing Contracts (rank 163).
The number of procedures required to set up a business in India, for example, has reduced from 13 to 10 over the past ten years. Today, it takes an average of 18 days to set up a business in India, down from 30 days in 2009. Although, India has significantly reduced the time and cost of starting a business, a lot more needs to be done.
The services sector too faces many regulatory hurdles even for routine businesses. The bars and restaurants sector is an important source of employment and growth everywhere in the world. It is also a business that, by its nature, faces a high frequency of starting new businesses and shutting old ones. A survey showed that the number of licenses required to open a restaurant in India are significantly more than elsewhere.