From Gunja
New Delhi, May 3 (KNN) India is the second most difficult country in terms of enforcing business contacts and ranks among the lowest five when it comes to dealing with construction permits, according to the World Bank ranking of doing business in 185 countries.

India has ranked 184 in the parameter of enforcing business contracts and 182 in terms of dealing with construction permits.

Overall, the country was placed at 132 for ease of doing business, well behind Bangladesh, Ethiopia, Honduras, Nepal and Pakistan.

The latest World Bank ranking for measuring the ease of doing business was benchmarked to June 2012 and has taken into account 11 broad parameters. These are- starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.  

“India’s ranking in World Bank’s ease of doing business report at 132 place, alludes only a few impediments which are holding growth,” said Dinesh Singhal, former President FISME and chief managing director, Kanohar Electricals Ltd.

He further said, manufacturing as a whole faces enormous difficulties because of poor governance and resultant harassment in many states. That is why over 90 per cent of micro, small and medium enterprises (MSME) operate away from the eyes of authorities, informally without registering themselves with the government.  

According to the World Bank’s ranking of doing business, India ranked 173 and 105 for starting a business and getting electricity respectively.

Surprisingly, the country enjoys relatively better ranking of 23 for getting credit.  

Singapore ranks first in ease of doing business and trading across borders.

New Zealand comes first in starting business and protecting investors, whereas United Kingdom, Georgia, Iceland and Japan come first in getting credit, registering property, getting electricity, resolving insolvency respectively.    

In terms of paying taxes, United Arab Emirates (UAE) ranks first, where as India positions 152.

Even several of the African countries like Tunisia, Rwanda, Ghana and Uganda are better ranked than India in terms of parameters of doing business. (KNN)