World Bank’s Updated Doing Business Ranking
Doing Business Report is the flagship publication of the World Bank Group, which provides objective measures of business regulations and their enforcement across economies.
Key Points for UPSC Prelims
- The Doing Business project was launched in the year 2002. The report assesses countries and selected cities at the subnational and regional level.
- The report aims to encourage economies to compete towards more efficient regulation and serves as a resource to understand the business ecosystem of each economy.
- The ranking on the index is based on ten parameters including trading across borders, starting a business, Registering a Property, etc.
- Doing Business 2020 is the 17th in a series of the publication. New Zealand has topped the 2020 rankings and India has been ranked 63rd in the report.
- In August 2020, the World Bank announced to pause the publication of the Doing Business report due to many irregularities in the data in the 2018 and 2020 reports.
Corrected Ease of Doing Business Ranking by World Bank
After considering the irregularities in the data, the World Bank has released the corrected Ease of Doing Banking ranking. The rankings of Saudi Arabia, China, Azerbaijan, and the United Arab Emirates have been modified as per the corrected rankings.
After considering the irregularities, the World Bank notified that the ranking of China would have been down by 7 places in the 2018 rankings and it would have been ranked 85th on the list.
World Bank and India
India and the World Bank signed an agreement of 400 million dollars to provide aid to the poor and vulnerable people who have been impacted during the coronavirus crisis. It is a part of a program of two operations. The first operation of 750 million dollars was approved in May 2020 and now this is the second operation.