Centre initiates early preparations for upcoming World Bank Business index | Economy & Policy News

The World Bank is set to release its new flagship report, Business Ready (B-READY), which will benchmark the business environment and investment climate in economies worldwide. With the first report scheduled for launch on September 25, the central government in India is already gearing up for the release.

The Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce is leading the efforts in India to ensure that the country’s business environment is reflected accurately in the report. Senior officials are working diligently to assess India’s position through a rigorous questionnaire with over 1,300 questions.

Various ministries have been allocated specific tasks based on the methodology of the new index, focusing on areas such as labor regulations, taxation processes, and regulatory frameworks. The government is also planning to incorporate B-Ready-related indices into the Business Reforms Action Plan for states.

In light of the World Bank’s decision to discontinue the ‘Doing Business’ ranking report in 2021 due to data irregularities, the focus has shifted to the B-Ready report, which takes a broader view of the private sector’s impact on workers and the environment. The Bank aims to provide guidance on regulatory quality and public services, emphasizing the implementation of laws rather than just their existence on paper.

India’s efforts to improve its business climate remain steadfast, with the upcoming B-Ready report set to showcase the country’s progress in creating a conducive environment for businesses to thrive.