Business environment has improved in 3 years: World Bank and IFC

Business environment has improved in 3 years: World Bank and IFC
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First Published: Tue, Jun 30 2009. 02 34 PM IST
Updated: Tue, Jun 30 2009. 02 34 PM IST
New Delhi: It is easier to start and operate business in India than it was three years ago in many large cities of the country, a report by IFC and World bank says.
“The report finds it is easiest to start and operate a business in Ludhiana, Hyderabad and Bhubaneshwar,” the report “Doing Business In India 2009” said.
Besides these three cities, Ahmedabad, New Delhi, Jaipur, Patna, Chennai, Indore, Mumbai, Ranchi, Guwahati, Kolkata and Kochi are some other cities where setting up and operating a business is easy, the report added.
The report, which takes into account 17 states in the country, further said starting a business is possible in the shortest time in Mumbai and Noida, in just 30 days, while in cost terms, it is least expensive in Patna.
However, compared to economies worldwide, cities in India lag when it come to closing a business and paying taxes, said the report, which shows how government regulations and practices ease or constrain business activities.
In India, where more than 90% of jobs are in the informal sector, regulatory reforms can help businesses operate efficiently in the formal sector.
”Reforms that cut red tape, clarify property rights, and streamline regulatory compliance, can yield big payoff for firms and workes,“ World Bank group financial and private sector development acting vice-president Penelope Brook said in a CII function.
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First Published: Tue, Jun 30 2009. 02 34 PM IST