According to the World Banks Doing Business Report, 2018, India’s ranking has improved in 2018 as compared to 2017 in which of the following areas? 1. Paying taxes 2. Resolving insolvency 3. Starting a business 4. Getting electricity Select the correct answer using the code given below.
1 and 2 only
Understanding India's Progress in World Bank Doing Business Report 2018
The World Bank's Doing Business Report is an annual assessment that provides objective measures of business regulations for local firms across 190 economies. It captures the ease of doing business by evaluating various indicators across the lifecycle of a business.
India's ranking in the World Bank's Doing Business Report has been a subject of keen interest, reflecting the nation's efforts towards regulatory reforms. The 2018 report compared the performance based on data collected up to June 1, 2017, against the previous year's data, showing significant improvements in specific areas for India compared to its 2017 ranking (which was based on data for the 2016 report).
Let's examine the specific areas mentioned in the question:
- 1. Paying taxes: This indicator measures the taxes and mandatory contributions that a medium-size company must pay in a given year as well as measures of the administrative burden in paying taxes. India implemented reforms that made paying taxes easier, leading to an improvement in ranking in this area for the 2018 report.
- 2. Resolving insolvency: This indicator measures the time, cost, and outcome of insolvency proceedings. India's introduction and implementation of the Insolvency and Bankruptcy Code (IBC) significantly improved its framework for resolving insolvency, contributing to a substantial jump in its ranking in this area in the 2018 report.
- 3. Starting a business: This indicator records the procedures, time, cost, and paid-in minimum capital requirement for a small- to medium-sized limited liability company to start up and formally operate. While efforts were being made, the improvement in this specific area for the 2018 report was not as drastic as in 'Paying taxes' or 'Resolving insolvency' relative to its overall ranking jump.
- 4. Getting electricity: This indicator measures the procedures, time, and cost required for a business to obtain a permanent electricity connection for a newly constructed warehouse. India had already seen improvements in this area in previous reports, and while reforms continued, the most significant contributions to the overall ranking improvement in the 2018 report came from other areas.
Based on the data and analysis presented in the World Bank's Doing Business Report 2018, India showed notable improvement in its ranking compared to 2017 primarily driven by reforms in the areas of 'Paying taxes' and 'Resolving insolvency'.
Therefore, the areas where India's ranking improved significantly in the 2018 report as compared to 2017 are 'Paying taxes' and 'Resolving insolvency'.
Revision Table: India's Ranking Improvement Areas 2018
| Area | Improvement in 2018 vs 2017 Report (based on analysis) |
|---|---|
| Paying taxes | Significant Improvement |
| Resolving insolvency | Significant Improvement |
| Starting a business | Improvement present but less significant contributor to overall jump compared to 1 & 2 |
| Getting electricity | Improvements noted, but 1 & 2 were key drivers for the 2018 jump |
Additional Information: World Bank Doing Business Report
The World Bank Doing Business Report provides a quantitative measure of regulations that affect businesses throughout their life cycle. The indicators measured cover areas such as:
- Starting a business
- Dealing with construction permits
- Getting electricity
- Registering property
- Getting credit
- Protecting minority investors
- Paying taxes
- Trading across borders
- Enforcing contracts
- Resolving insolvency
- Labor market regulation (included in later reports)
The ease of doing business rank is a simple average of the percentile rankings on each of the 10 topics covered in the report. A higher ranking (closer to 1) indicates a more favorable regulatory environment for starting and operating a local firm.
India has consistently aimed to improve its ranking in this report as part of its broader economic reform agenda to attract investment and promote growth. The jump in the 2018 report was particularly noteworthy, moving India into the top 100 for the first time.
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