The ease of doing business index is an index created by Simeon Djankov at the World Bank Group. The academic research for the report was done jointly with professors Oliver Hart and Andrei Shleifer. Higher rankings (a low numerical value) indicate better, usually simpler, regulations for businesses and stronger protections of property rights. Empirical research funded by the World Bank to justify their work show that the economic growth impact of improving these regulations is strong.
"Empirical research is needed to establish the optimal level of business regulation—for example, what the duration of court procedures should be and what the optimal degree of social protection is. The indicators compiled in the Doing Business project allow such research to take place. Since the start of the project in November 2001, more than 3,000 academic papers have used one or more indicators constructed in Doing Business and the related background papers by its authors."
The report is above all, a benchmark study of regulation. The survey consists of a questionnaire designed by the Doing Business team with the assistance of academic advisers. The questionnaire centers on a simple business case that ensures comparability across economies and over time. The survey also bases assumptions on the legal form of the business, size, location, and nature of its operations. The ease of doing business index is meant to measure regulations directly affecting businesses and does not directly measure more general conditions such as a nation's proximity to large markets, quality of infrastructure, inflation, or crime.
The next step of gathering data surveys of over 12,500 expert contributors (lawyers, accountants etc.) in 190 countries who deal with business regulations in their day-to-day work. These individuals interact with the Doing Business team in conference calls, written correspondence and visits by the global team. For the 2017 report, team members visited 34 economies to verify data and to recruit respondents. Data from the survey is subjected to several rounds of verification. The surveys are not a statistical sample, and the results are interpreted and cross-checked for consistency before being included in the report. Results are also validated with the relevant government before publication. Respondents fill out written surveys and provide references to the relevant laws, regulations and fees, based on standardized case scenarios with specific assumptions, such as the business being located in the largest business city of the economy.
A nation's ranking on the index is based on the average of 10 subindices:
The Doing Business project also offers information on following datasets:
For example, according to the Doing Business (DB) 2013 report, Canada ranked third on the first subindex "Starting a business" behind only New Zealand and Australia. In Canada there is 1 procedure required to start a business which takes on average 5 days to complete. The official cost is 0.4% of the gross national income per capita. There is no minimum capital requirement. By contrast, in Chad which ranked among the worst (181st out of 185) on this same subindex, there are 9 procedures required to start a business taking 62 days to complete. The official cost is 202% of the gross national income per capita. A minimum capital investment of 289.4% of the gross national income per capita is required.
While fewer and simpler regulations often imply higher rankings, this is not always the case. Protecting the rights of creditors and investors, as well as establishing or upgrading property and credit registries, may mean that more regulation is needed.
In most indicators, the case study refers to a small domestically-owned manufacturing company—hence the direct relevance of the indicators to foreign investors and large companies is limited. DB uses a simple averaging approach for weighting sub-indicators and calculating rankings. A detailed explanation of every indicator can be found through the DB website, and a .xls archive that simulates reforms.
Some caveats regarding the rankings and main information presented have to be considered by every user of the report. Mainly:
The Doing Business report is not intended as a complete assessment of competitiveness or of the business environment of a country and should rather be considered as a proxy of the regulatory framework faced by the private sector in a country.
The Doing Business report has its origins in a paper first published in the Quarterly Journal of Economics by Simeon Djankov, Rafael La Porta, Florencio Lopez-de-Silanes and Andrei Shleifer called "The Regulation of Entry" in 2002. The paper presented data on the regulation of entry of start-up firms in 85 countries covering the number of procedures, official time and official cost that a start-up must bear before it could operate legally. The main findings of the paper were that: "Countries with heavier regulation of entry have higher corruption and larger unofficial economies, but no better quality of public or private goods. Countries with more democratic and limited governments have lighter regulation of entry." The paper became widely known because it provided quantitative evidence that entry regulation benefits politicians and bureaucrats without adding value to the private sector, or granting any additional protection.
Several countries have launched reforms to improve their rankings. These efforts are motivated to a great scope by the fact that the World Bank Group publishes the data, and hence coverage by the media and the private sector every year. Also, Doing Business highlights every year the successful reforms carried out by each country. Since The Regulation of Entry was published, Simeon Djankov and Andrei Shleifer have published eight other academic studies, one for each set of indicators covered by the report.
In 2013, Doing Business covered regulations measured from June 2011 through May 2012. Over the previous decade, the reports recorded nearly 2,000 regulatory reforms implemented by 180 economies.
In 2014 Doing Business covered regulations measured from June 2012 through May 2013 in 189 economies.
In 2015, Doing Business covered regulations measured from June 2013 through June 2014 in 189 economies. For the first time this year, Doing Business collected data for 2 cities in 11 economies with more than 100 million inhabitants. These economies include: Bangladesh, Brazil, China, India, Indonesia, Japan, Mexico, Nigeria, Pakistan, the Russian Federation, and the United States. The added city enables a sub-national comparison and benchmarking against other large cities.
More than 3,000 academic papers have used data from the index. The effect of improving regulations on economic growth is claimed to be very strong. Moving from the worst one-fourth of nations to the best one-fourth implies a 2.3 percentage point increase in annual growth. Another 7,000 working papers in economics and social science departments use the data from the Doing Business report. The 2016 Nobel Prize Winner in Economics Oliver Hart (economist) is among the authors of such papers.
The various sub-components of the index in themselves provide concrete suggestions for improvement. Many of them may be relatively easy to implement and uncontroversial (except perhaps among corrupt officials who may gain from onerous regulations requiring bribes to bypass). As such, the index has influenced many nations to improve their regulations. Several have explicitly targeted to reach a minimum position on the index, for example the top 25 list.
Somewhat similar annual reports are the Indices of Economic Freedom and the Global Competitiveness Report. They, especially the later, look at many more factors that affect economic growth, like inflation and infrastructure. These factors may however be more subjective and diffuse since many are measured using surveys and they may be more difficult to change quickly compared to regulations.
The Doing Business Report (DB) is a report started by Simeon Djankov and elaborated by the World Bank Group since 2003 every year that is aimed to measure the costs to firms of business regulations in 190 countries. The study has become one of the flagship knowledge products of the World Bank Group in the field of private sector development, and is claimed to have motivated the design of several regulatory reforms in developing countries. The study presents every year a detailed analysis of costs, requirements and procedures a specific type of private firm is subject in all countries, and then, creates rankings for every country. The study is also backed up by broad communication efforts, and by creating rankings, the study spotlights countries and leaders that are promoting reforms.
The DB has been widely known and used by academics, policy-makers, politicians, development experts, journalists and the business community to highlight red tape and promote reforms. As stated by the IEG study from the World Bank:
“For country authorities, it sheds a bright, sometimes unflattering, light on regulatory aspects of their business climate. For business interests, it has helped to catalyze debates and dialogue about reform. For the World Bank Group, it demonstrates an ability to provide global knowledge, independent of resource transfer and conditionality. The annual exercise generates information that is relevant and useful.”
According to the DB, regulation does matter for the development of the private sectors, and several reforms are suggested across the report in order to promote the development of the private sector and enable the business environment. Some highlighted findings of the DB are:
In 2017, the study contains quantitative measures of regulations for starting a business, dealing with construction permits, employing workers, registering property, getting credit, protecting investors, taxes, trading across borders, enforcing contracts, getting an electricity connection and closing a business. As stated in the introduction of the study, "A fundamental premise of DB is that economic activity requires good rules. These include rules that establish and clarify property rights and reduce the costs of resolving disputes, rules that increase the predictability of economic interactions and rules that provide contractual partners with core protections against abuse."
Doing Business is a controversial study, with passionate critics and devoted fans. As recognized by the Independent Evaluation Group of the World Bank, some have questioned the reliability and objectivity of its measurements while others doubt the relevance of the issues it addresses or fear it may unduly dominate countries reform agendas at the expense of more crucial development objectives. Attention given to the indicators may inadvertently signal that the World Bank Group values less burdensome business regulations more highly than its other strategies for poverty reduction and sustainable development.
According to Snodgrass, several limitations are present in the DB studies and have to be kept in mind when using the study:
Published now for twelve years, the DB has originated a growing body of research on how performance on DB indicators, and reforms generated by the reports, related to specific development desirable outcomes. As stated by the DB 2010, about "405 articles have been published in peer-reviewed academic journals and about 1143 working papers are available through Google Scholar".
The DB has acknowledged the limitation of getting data from one city to give information and a ranking valid for all the country. Several regional and sub-national studies have been carried out using the Doing Business methodology to assess variations within countries and regions across different cities, including sub-national studies for countries like Brazil, Mexico and Colombia and regional studies for the Caribbean, the Arab World, Bulgaria and other south eastern European countries. All studies are available from the DB website.
DB sometimes unintentionally has been widely used as a study to measure competitiveness. However, regulation rather than competitiveness is the main objective in the DB. Other studies that are also used to measure competitiveness and recognized as business enabling environment ranking systems are the Global Competitiveness Index, the Index of Economic Freedom, and the Global Entrepreneurship Monitor, among others.
The Doing Business methodology regarding labor regulations was criticized by the International Trade Union Confederation because it favored flexible employment regulations. In early reports, the easier it was to dismiss a worker for economic reasons in a country, the more its rankings improved. The Employing Workers index was revised in Doing Business 2008 to be in full compliance with the 188 International Labour Organization conventions. It has subsequently been removed from the rankings. The ITUC debuted the Global Rights Index in 2014 as a response to the Doing Business report.
In 2008 the World Bank Group's Independent Evaluation Group, a semi-independent watchdog within the World Bank Group, published an evaluation of the Doing Business index. The report, Doing Business: An Independent Evaluation, contained both praise and criticism of Doing Business. The report recommended that the index be clearer about what is and is not measured, disclose changes to published data, recruit more informants, and simplify the Paying Taxes indicator.
In April 2009 the World Bank issued a note with revisions to the Employing Workers index. The note explained that scoring for the "Employing Workers" indicator would be updated in Doing Business 2010 to give favorable scores for complying with relevant ILO conventions. The Employing Workers indicator was also removed as a guidepost for Country Policy and Institutional Assessments, which help determine resources provided to IDA countries.
A study commissioned by the Norwegian government alleges methodological weaknesses, an uncertainty in the ability of the indicators to capture the underlying business climate, and a general worry that many countries may find it easier to change their ranking in Doing Business than to change the underlying business environment.
In June 2013, an independent panel appointed by the President of the World Bank and headed by Trevor Manuel of South Africa, issued a review expressing concern about the potential for the report and index to be misinterpreted, the narrowness of the indicators and information base, the data collection methodology, and the lack of peer review. It recommended that the report be retained, but that the aggregate rankings be removed and that a peer-review process be implemented (among other things). Regarding the topics of Paying Taxes and Employing Workers, it noted that "The latter has already been excluded from the report's rankings. While there is a persuasive case for paying attention to these aspects of doing business, the Bank will need to carefully consider the correct way to assess the regulation and legal environment of these areas if these indicators are to be retained."
The Doing Business criteria for measuring the time needed to complete a procedure were based on some simplified assumptions: "It is assumed that the minimum time required for each procedure is 1 day. Although procedures may take place simultaneously, they cannot start on the same day (that is, simultaneous procedures start on consecutive days)". These assumptions generated some criticisms especially by countries that were able to complete one or more procedures simultaneously and could therefore be penalized in the final rank. World Bank claimed that the same criteria are applied to all economies and therefore would not produce biased results. In 2014 the possible biases in applying the DB time indicator were mathematically demonstrated in a scientific article appeared on the Rivista italiana di economia demografia e statistica (Italian Review of Economics, Demography and Statistics - RIEDS). World Bank partially reviewed the criteria inserting a new assumption for telematics procedures: "each telematics procedure accounts for 0.5 day instead of one day (and telematics procedures can also take place simultaneously)".
On 12 January 2018, Paul Romer, the World Bank's chief economist, announced that past releases of the index would be corrected and recalculated going back at least four years. Romer apologised to Chile, saying that the former director of the group responsible for the index had repeatedly manipulated its methodology, unfairly penalising the country's rankings during the administration of left-wing President Michelle Bachelet. In response, Bachelet announced that Chile would formally request a complete investigation by the World Bank.
The most recent rankings come from the "Doing Business 2018" report. Ranking of economies was introduced in the "Doing Business 2006" report.
New Zealand has topped the Ease of Doing Business rankings in 2017 and 2018.
Singapore topped the Ease of Doing Business rankings in 2007–2016. Based on Singapore's experience, IDA International is collaborating with public agencies in several countries in the areas such as ICT strategy, national infocomm planning and solutions implementation that can help increase the ease of doing business.
|Very Easy||New Zealand||1||1||1||2||2||3||3||3||3||2||2||2||2||1|
|Very Easy||Hong Kong||4||5||4||5||3||2||2||2||2||3||4||4||5||7|
|Very Easy||South Korea||5||4||5||4||5||7||8||8||16||19||23||30||23||27|
|Very Easy||United States||8||6||8||7||7||4||4||4||5||4||3||3||3||3|
|Very Easy||United Kingdom||9||7||7||6||8||10||7||7||4||5||6||6||6||9|
|Very Easy||United Arab Emirates||11||21||26||31||22||23||26||33||40||33||46||68||77||69|
|Very Easy||Czech Republic||35||30||27||36||44||75||65||64||63||74||75||56||52||41|
|Easy||Bosnia and Herzegovina||89||86||81||79||107||131||126||125||110||116||119||105||95||87|
|Medium||Trinidad and Tobago||105||102||96||88*||79||66||69||68||97||81||80||67||59||N/A|
|Medium||Papua New Guinea||108||109||119||145||133||113||104||101||103||102||95||84||57||64|
|Medium||Antigua and Barbuda||112||107||113||104||89||71||63||57||64||50||42||41||33||N/A|
|Medium||Saint Vincent and the Grenadines||130||129||125||111||103||82||75||75||75||70||66||54||85||N/A|
|Medium||Saint Kitts and Nevis||140||134||134||124||121||101||96||95||87||76||67||64||44||N/A|
|Below Average||Burkina Faso||151||148||146||143*||167||154||153||150||151||147||148||161||163||154|
|Below Average||Marshall Islands||150||149||143||140||139||114||101||106||108||98||93||89||87||48|
|Below Average||Sierra Leone||163||160||148||147||140||142||140||141||143||148||156||160||168||136|
|Below Average||São Tomé and Príncipe||170||169||162||166||153||169||160||163||178||180||176||163||169||123|
|Below Average||Equatorial Guinea||177||173||178||180||165||166||162||155||164||170||165||165||150||N/A|
|Below Average||Timor Leste||178||178||175||173||172||172||169||168||174||164||170||168||174||142|
|Below Average||Democratic Republic of Congo||184||182||184||184||184||183||181||178||175||182||181||178||175||155|
|Below Average||Central African Republic||183||184||185||185||187||188||185||182||182||183||180||177||167||153|
|Below Average||South Sudan||185||187||186||187||186||186||N/A||N/A||N/A||N/A||N/A||N/A||N/A||N/A|
* – same rank is for multiple jurisdictions
** – the State Union of Serbia and Montenegro
Note: Rankings at time of annual report publication. Rankings are subject to revision.
Ease of doing business ranking of states of India is the annual ease of doing business index of states and union territories of India based on the completion percentage scores of action items points of annual Business Reforms Action Plan (BRAP) under the make in India initiative. This ranking of states has been done by World Bank since 2015 and facilitated by the Ministry of Personnel, Public Grievances and Pensions of Government of India based on the progress of states in completing annual reform action plan covering 8 key areas which has a number of points that vary every year, for example 2017 and 2016 reform plan had 372 and 340 action points respectively. The World Bank ranks individual nations on the Ease of doing business index. The ranking of states is not done on same criteria as ranking of nations. Ranking of states does not reflect the level of business-conducive nature of the states, it reflects the willingness of states to reform and attract investments.India jumped to 100th place out of 190 countries in the World Bank's 2017 ease of doing business index, from 130th in the 2016. In February 2017, the government appointed the United Nations Development Programme (UNDP) and the National Productivity Council to "to sensitise actual users and get their feedback on various reform measures". Consequently, now there is competition among the Indian states ranked by ease of doing business|states of India to improve their current ranking on the ease of doing business index. Centre government as well as various states are executing their respective Business Reforms Action Plan (BRAP) to improve their ranking.The claims for the current rankings submitted by the states for the year 2017 are currently being verified based on the supporting documentary evidence, and the final scores will be readjusted accordingly. 18 states claimed a 100% completion score. Of the states verified so far, top final scorer states are Haryana, West Bengal, Jharkhand and Karnataka, each with a score of 90.79% (c. 11 Feb 2018).Economic development in India
The economic development in India followed socialist-inspired politicians for most of its independent history, including state-ownership of many sectors; India's per capita income increased at only around 1% annualised rate in the three decades after its independence. Since the mid-1980s, India has slowly opened up its markets through economic liberalisation. After more fundamental reforms since 1991 and their renewal in the 2000s, India has progressed towards a free market economy.In the late 2000s, India's growth reached 7.5%, which will double the average income in a decade. IMF says that if India pushed more fundamental market reforms, it could sustain the rate and even reach the government's 2011 target of 10%. States have large responsibilities over their economies. The average annual growth rates (2007–12) for Gujarat (13.86%), Uttarakhand (13.66%), Bihar (10.15%) or Jharkhand (9.85%) were higher than for West Bengal (6.24%), Maharashtra (7.84%), Odisha (7.05%), Punjab (6.85%) or Assam (5.88%). India is the sixth-largest economy in the world and the third largest by purchasing power parity adjusted exchange rates (PPP). On per capita basis, it ranks 140th in the world or 129th by PPP.
The economic growth has been driven by the expansion of the services that have been growing consistently faster than other sectors. It is argued that the pattern of Indian development has been a specific one and that the country may be able to skip the intermediate industrialisation-led phase in the transformation of its economic structure. Serious concerns have been raised about the jobless nature of the economic growth.Favourable macroeconomic performance has been a necessary but not sufficient condition for the significant reduction of poverty amongst the Indian population. The rate of poverty decline has not been higher in the post-reform period (since 1991). The improvements in some other non-economic dimensions of social development have been even less favourable. The most pronounced example is an exceptionally high and persistent level of child malnutrition (46% in 2005–6).The progress of economic reforms in India is followed closely. The World Bank suggests that the most important priorities are public sector reform, infrastructure, agricultural and rural development, removal of labour regulations, reforms in lagging states, and HIV/AIDS. For 2018, India ranked 77th in Ease of Doing Business Index. According to Index of Economic Freedom World Ranking an annual survey on economic freedom of the nations, India ranks 123rd as compared with China and Russia which ranks 138th and 144th respectively in 2014.
At the turn of the century India's GDP was at around US$480 billion. As economic reforms picked up pace, India's GDP grew five-fold to reach US$2.2 trillion in 2015 (as per IMF estimates).
India's GDP growth during January–March period of 2015 was at 7.5% compared to China's 7%, making it the fastest growing economy. During 2014–15, India's GDP growth recovered marginally to 7.3% from 6.9% in the previous fiscal. During 2014–15, India's services sector grew by 10.1%, manufacturing sector by 7.1% & agriculture by 0.2%. Indian Economy Grows at 7.6 & 7.1 in FY 2015–16 and FY 2016–17 Respectively as Major Reforms had Been Taken Place like Demonitisation and Implementation of GST in FY 2016–17 the Economic Growth has Been Slow Down in 2017–18 as it is Expected to Grow at 6.7 and Forecasted to Rebound by 8.2% in 2018–19.Economy of Kyrgyzstan
Kyrgyzstan is a mountainous country with a dominant agricultural sector. Cotton, tobacco, wool, and meat are the main agricultural products, although only tobacco and cotton are exported in any quantity. According to Healy Consultants, the economy relies heavily on the strength of industrial exports, with plentiful reserves of gold, mercury, uranium and natural gas. The economy also relies heavily on remittances from foreign workers. Following independence, Kyrgyzstan was progressive in carrying out market reforms, such as an improved regulatory system and land reform. Kyrgyzstan was the first Commonwealth of Independent States (CIS) country to be accepted into the World Trade Organization. Much of the government's stock in enterprises has been sold. Kyrgyzstan's economic performance has been hindered by widespread corruption, low foreign investment and general regional instability. Despite political corruption and regional instability, Kyrgyzstan is ranked 70th (as of 2013) on the ease of doing business index.Economy of Latvia
The economy of Latvia is an open economy in Northern Europe and is part of the European Union's (EU) single market. Latvia is a member of the World Trade Organization (WTO) since 1999, a member of the European Union since 2004, a member of the Eurozone since 2014 and a member of the OECD since 2016. Latvia is ranked the 14th in the world by the Ease of Doing Business Index prepared by the World Bank Group, According to the Human Development Report 2011, Latvia belongs to the group of very high human development countries. Due to its geographical location, transit services are highly developed, along with timber and wood-processing, agriculture and food products, and manufacturing of machinery and electronic devices.
Latvia's economy has had rapid GDP growth of more than 10% per year during 2006–07, but entered a severe recession in 2009 as a result of an unsustainable current account deficit, collapse of the real estate market, and large debt exposure amid the softening world economy. Triggered by the collapse of Parex Bank, the second largest bank, GDP decreased by almost 18% in 2009, and the European Union, the International Monetary Fund, and other international donors provided substantial financial assistance to Latvia as part of an agreement to defend the currency's peg to the euro in exchange for the government's commitment to stringent austerity measures.
In 2011 Latvia achieved GDP growth by 5.5% and thus Latvia again was among the fastest growing economies in the European Union. The IMF/EU program successfully concluded in December 2011.Privatization is mostly complete, except for some of the large state-owned utilities. Export growth contributed to the economic recovery, however, the bulk of the country's economic activity is in the services sector.Economy of the Czech Republic
The Economy of the Czech Republic is a developed export-oriented social market economy based in services, manufacturing and innovation, that maintains a high-income welfare state and the "continental" type of the European social model. The Czech Republic participates in the European Single Market as a member of the European Union, and is therefore a part of the economy of the European Union, but uses its own currency, the Czech koruna, instead of the euro. It is a member of the OECD. It was described by The Guardian as "one of Europe’s most flourishing economies".As of 2017, the Czech GDP per capita at purchasing power parity is $35,223 (similar to Israel, Italy or Slovenia) and $20,152 at nominal value. As of November 2018, the unemployment rate in the Czech Republic was the lowest in the EU at 1.9%, and the poverty rate is the second lowest of OECD members only behind Denmark. Czech Republic ranks 24th in both the Index of Economic Freedom (ranked behind Norway) and the Global Innovation Index (ranked behind Australia), 29th in the Global Competitiveness Report, 30th in the ease of doing business index and 25th in the Global Enabling Trade Report (ranked behind Canada). The largest trading partner for both export and import is Germany and other members of the EU in general.
The Czech Republic has a highly diverse economy that ranks 10th in the 2016 Economic Complexity Index. The industry sector accounts for 37.5% of the economy, while services for 60% and agriculture for 2.5%. The principal industries are high tech engineering, electronics, automotive, and machine-building, steel production, transportation equipment, chemical production and pharmaceuticals. The major services are research and development, ICT and software development, nanotechnology and life sciences among others. Its main agricultural products are cereals, vegetable oils and hops.International rankings of Armenia
The following are international rankings of ArmeniaInternational rankings of Azerbaijan
International rankings of the Azerbaijan.International rankings of Cuba
The following are international rankings of Cuba.International rankings of Hungary
These are the international rankings of Hungary.International rankings of Lebanon
The following are international rankings of Lebanon.International rankings of Norway
International rankings of NorwayIvan Mikloš
Ivan Mikloš (born 2 June 1960) is a Slovak politician and the former Minister of Finance of Slovakia (2010-2012). He previously served as Slovakia's Minister of Finance from 2002 to 2006 and Deputy Prime Minister for Economy between 1998 and 2002.
In 2004, he was named the top business reformer by the World Bank's Doing Business report. Under his leadership, Slovakia jumped to 32nd place (of 178 economies) on the ease of doing business index. He is also known for attending the annual meeting of the Bilderberg Group in 2005.List of companies of Lithuania
Lithuania is a country in Northern Europe. Lithuania is a member of the European Union, the Council of Europe, a full member of the Eurozone, Schengen Agreement and NATO. It is also a member of the Nordic Investment Bank, and part of Nordic-Baltic cooperation of Northern European countries. The United Nations Human Development Index lists Lithuania as a "very high human development" country. Lithuania has been among the fastest growing economies in the European Union and is ranked 21st in the world in the Ease of Doing Business Index.
For further information on the types of business entities in this country and their abbreviations, see "Business entities in Lithuania".List of companies of Singapore
Singapore is a global city and sovereign state in Southeast Asia and the world's only island city-state. Singapore has a highly developed market economy, based historically on extended entrepôt trade. Along with Hong Kong, South Korea, and Taiwan, Singapore is one of the original Four Asian Tigers, but has surpassed its peers in terms of GDP per capita. Between 1965 and 1995, growth rates averaged around 6 per cent per annum, transforming the living standards of the population. The Singaporean economy is known as one of the freest, most innovative, most competitive, most dynamic and most business-friendly. The 2015 Index of Economic Freedom ranks Singapore as the second-freest economy in the world and the Ease of Doing Business Index has also ranked Singapore as the easiest place to do business for the past decade. According to the Corruption Perceptions Index, Singapore is consistently ranked as one of the least corrupt countries in the world, along with New Zealand and the Scandinavian countries.
To start a business in Singapore, business owners have to register the Accounting and Corporate Regulatory Authority (ACRA). ACRA is the national regulator and company registrar of business entities, accountants and service providers in Singapore.List of globalization-related indices
This article lists various economic and human development measurements related to the study of globalization.Make in India
Make in India, a type of Swadeshi movement covering 25 sectors of the economy, was launched by the Government of India on 25 September 2014 to encourage companies to manufacture their products in India and enthuse with dedicated investments into manufacturing. As a strategy it is the road map to respond to glocal (global + local) challenges through preparations for a World class manufacturing status & knowledge infrastructure that should create further knowledge for stepping on to global competitiveness .
After the launch, India received investment commitments worth ₹16.40 lakh crore (US$230 billion) and investment inquiries worth ₹1.5 lakh crore (US$21 billion) between September 2014 to February 2016. As a result, India emerged as the top destination globally in 2015 for foreign direct investment (FDI), surpassing the USA and China, with US$60.1 billion FDI..
As per the current policy, 100% Foreign Direct Investment (FDI) is permitted in all 25 sectors, except for Space industry (74%), defence industry (49%) and Media of India (26%). Japan and India had also announced a US$12 billion "Japan-India Make-in-India Special Finance Facility" fund to push investment..
In line with the Make in India, individual states too launched their own local initiatives, such as "Make in Odisha", Vibrant Gujarat, "Happening Haryana" and "Magnetic Maharashtra". India received US $60 billion FDI in FY 2016-17.The World Bank latest 'Doing Business Report'(DBR, 2019) acknowledges India's jump of 23 positions against its rank of 100 in 2017 to be placed now at 77th rank among 190 countries . By the end of 2017, India had risen 42 places on Ease of doing business index, 32 places World Economic Forum's Global Competitiveness Index, and 19 notches in the Logistics Performance Index., thanks to recent governmental initiatives, which include converges, synergises and enables other important Government of India schemes, such as Bharatmala, Sagarmala, Dedicated Freight Corridors, Industrial corridors, UDAN-RCS, Bharat Broadband Network, Digital India.Online Business Licensing System
Online Business Licensing Service (OBLS) is a one-stop portal for businessmen to apply for all the required Singapore government licences in a single online transaction. The service routes all applications to various government agency for processing.
The World Bank has ranked Singapore first in the Ease of Doing Business Index. The OBLS system contributes to this ranking.Starting a Business Index
The Starting a Business Index is a sub-index of the World Bank Ease of Doing Business Index.