India is ahead of only three lesser developed countries - Sri Lanka, Bangladesh, and Pakistan - in terms of the business environment.
Even as India’s Ease of Doing Business ranking has improved 79 places in six years to 2019, the country still has to struggle to catch up with Asian peers. India is ahead of only three lesser developed countries – Sri Lanka, Bangladesh, and Pakistan – in terms of the business environment, according to the Economic Intelligence Unit. With a regional rank of 14 out of 17, India ranks 59 out of 82 countries in the parameters related to the business environment in 2020-24. Singapore has regional and global rank 1 on the list.
While the Economist report did not explain the parameters, the World Bank had earlier said that India was among the countries with the most notable improvement in Doing Business 2020. India conducted a remarkable reform effort and thus joined the list of improvers for the third year in a row, the Doing Business report had said.
Calling the case of India as an example of successful implementation of reorganization procedures, the World Bank had also listed out starting a business; dealing with construction permits; trading across borders; and resolving insolvency as major areas of improvement.
Meanwhile, the outbreak of Coronavirus in China and the discovery of its symptoms and cases in other nations across Asia and the world, the business environment has taken a toll in the last two months. It is further believed that if the epidemic is not controlled soon, the effect on economic growth can be significantly felt across nations. The global oil demand has already been hit severely on the back of coronavirus fears.
“The novel coronavirus (Covid-19) is a major global public health emergency that has brought tragedy to many lives. Its impact is still unfolding globally. There is already a major slowdown in oil consumption and the wider economy in China,” said the Oil Market Report by IEA.