Continue to article content When President Obama holds an historic meeting with African leaders this week, one guest will be especially awkward:
Prime Minister Narendra Modi on Monday set an ambitious target of India breaking into top 50 nations in the World Bank's 'Ease of Doing Business' ranking and said efforts are on to nearly double the size of country's economy to USD 5 trillion.
In his opening remarks at a meeting called on 'ease of doing business' ranking with the Indian industry, PM Modi said the era of policy paralysis has ended and his government was giving policy-based governance that has helped catapult the country from nd rank among nations on the World Bank's ease of doing business ranking in to 77th position this year.
Reforms will continue and procedures would be further eased to make it easier for companies to do business in the country, he said adding efforts are on to increase the size of the economy to USD 5 trillion. Amid the persistent efforts in the country, now our effort is to take India to the 5 trillion dollar club as soon as possible.
To achieve this goal we will have to improve every sector of the economy," the Prime Minister said. The Prime Minister recalled that when he had first articulated his vision for India to break into the top 50 in ease of doing business ranking in the years to come, it was greeted with scepticism.
A great improvement is now visible in just four years, Modi said adding that the central and state governments have both worked together towards improving the 'ease of doing business' ranking, in the spirit of cooperative and competitive federalism.
The Prime Minister further said it is necessary to reduce human intervention in processes and increase the use of modern and digital technologies. Advocating a work culture based on modern technologies, he said it will further promote policy-driven governance.
A Working Group tasked to develop a roadmap towards achieving a five trillion dollar economy by has prepared its report. The group was constituted by the Department of Industrial Policy and Promotion in the Ministry of Commerce and Industry with participation from government and industry.
India is one of the fastest growing major economies and is currently ranked as the world's sixth largest economy.
Projections of growth, over the medium term, remain encouraging and optimistic for India. India was ranked nd among nations when the Narendra Modi's government took office in At that time, the country was battling perceptions of excess red-tape and policy paralysis, Modi said.
Four years of reform pushed up India's rank to th in the World Bank's 'Doing Business' report. It was th in when India was ranked lower than Iran and Uganda.
In its annual 'Doing Business' report, India secured 77th position. The United States is placed at 8th and China ranked 46th. Neighbouring Pakistan is placed at India has improved its ranking by 53 positions in the last two years and 65 places in four years since The World Bank ranks countries based on 10 parameters, including starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts, and resolving insolvency.
The Prime Minister further said the government was working on a new industrial policy to blend realities with progress. This policy will be in line with the vision of a new India," he said.
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University World News or Higher Education Web Publishing does not necessarily endorse, support. Africa Competitiveness Report that the majority of business executives consider the lack of access to finance to be the most problematic factor for doing business on the continent (Figure 14).
low-income economies have registered improvements in their competitiveness since the GCI – Rwanda is the best country in Africa and 21st globally where citizens trust and rely on Police services to enforce law and order with out of 7 on the Global Competitiveness Index (GCI), according to the World Economic Forum-Global Competitiveness Report.
KNOWLEDGE CENTER Still want to know more about HQ Power and energy in Rwanda?
Doing Business Rwanda “Understand why Rwanda is the 2nd most friendly country in Africa for investors!”(source heartoftexashop.com) DOWNLOAD. IMF review, December “If you want to dive into Rwanda resilient macro-economic data.” (source heartoftexashop.com).
Rwanda was ranked 46 out of countries in the World Bank’s Doing Business report, ranking third in sub-Saharan Africa. The country also ranked third in sub-Saharan Africa, and 62 out of economies, in the World Economic Forum’s Global Competitiveness Report –, indicating relatively well-functioning institutions and a low level of direct government control over the economy.
Mauritius was ranked the best country to do business in Africa by the World Bank Doing Business report , followed by Rwanda; furthermore, both countries are members of the Common Market for Eastern Africa (COMESA), which promotes intra-regional trade with goods exempted from customs duty.