Doing Business in India Report, 2020 released by UKIBC.
The “Doing Business in India Report, 2020” was released by the UK India Business Council (UKIBC). As per the report the business environment in India is improving and thus there is a greater opportunity for UK India collaboration in the business field.
- As per the report, the businesses in UK have found the Atma Nirbhar Bharat Mission as an opportunity to do more business in India.
- This is the sixth edition of report being published since 2015.
- The report has been prepared on the basis of an in-depth survey of 106 UK firms belonging to services, manufacturing And Higher Education sector that are operating in India.
- The report highlights that 66% of the surveyed organisations believed that the ease of doing business in India is increasing. The environment has changed mainly because of progressive reforms and improvements in the business environment of India. The changes were observed in the availability of support, skilled labour, service providers and supply chain.
- India’s score of doing business has improved to 22.9 in 2020 from 2.74 in 2019.
State wise Analysis
Maharashtra has emerged as the state with maximum incremental improvement for the third consecutive year. Maharashtra is followed by Karnataka, Delhi, Gujarat and Tamil Nadu.
Report highlights that the frequent obstacles in doing business with India is its legal and regulatory boundaries, GST issues, high import tariffs, foreign exchange regulations, and lack of alignment with international standards.
The council suggests following measures to improve business between India and UK:
- Increasing regulatory certainty.
- Improving bureaucratic processes with the greater accountability.
- Simplifying GST processes.
- Improving the quality of infrastructure and
- Making single window clearance.