India has fallen two positions in the World Bank’s Ease of Doing Business Report for 2014, slipping from 131 to 134, and way behind most of its South Asian neighbours.
On average around the world, starting a business takes 7 procedures, 25 days and costs 32% of income per capita in fees, according to the report released on Tuesday.
In India it takes 12 procedures, 26 days and costs 43.3%.
And guess where that leaves the country that hopes to be a world power -- behind China (ranked 96), Nepal (105), Pakistan (110) and Bangladesh (130).
The worst was Suriname with 208 days to start a business.
The best five were Singapore, Hong Kong, New Zealand -- where it takes just one procedure, half a day and no fee to start a business, the United States and Denmark.
The ranking will bring India more grief as it has struggled to attract foreign investment in recent years because of stalled reforms, complex tax regimes and local rules.
Here is how the rest of it broke down for India:
Dealing with construction permits (rank): 182
Procedures (number): 35
Time (days): 168
Cost (% of income per capita): 2,640.4
Getting electricity (rank): 111
Procedures (number): 7
Time (days): 67
Cost (% of income per capita): 230.7
But the scenario is not all grim. “In South Asia, India is the only economy (of 8) with a complete online system for filing and paying taxes,” the report pointed out, for one.
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