India among 40 most improved economies easing biz regulations

India is among the 40 most- improved economies since 2005 which made significant changes in improving business regulations at a steady pace, the International Finance Corporation, a wing of the World Bank, has said.

"Since 2005, India has implemented 18 business regulation reforms in seven areas covered by doing business, creating more opportunities for local firms," the IFC said.

In its report 'Technology makes compliance easier, less costly, and more transparent', the IFC said many of these reforms focused on technology?implementing electronic business registration, electronic filing for taxes, an electronic collateral registry, and online submission of customs forms and payments.

Other economies in South Asia are also improving regulation with fast, transparent, electronic systems.

Pakistan, the region?s highest-ranking economy on the regulatory ease of doing business (with a global ranking of 83 among 183 economies), reduced the time for exporting by improving electronic communication between the Karachi Port authorities and private terminals in the past year.

Bangladesh made business start-up easier by enhancing the country?s online registration system.

'Doing Business 2011' finds that from June 2009 through May 2010, four of the eight economies in South Asia reformed business regulation to expand opportunity for local firms.

In the past year, governments in 117 economies worldwide carried out 216 business regulation reforms aimed at making it easier to start and operate a business, strengthening transparency and property rights, and improving the efficiency of commercial dispute resolution and bankruptcy procedures.

More than half the policy changes eased business start-up, trade, and the payment of taxes, it said.

Another IFC report released yesterday said that in the past five years, about 85 per cent of the world?s economies have made it easier for local entrepreneurs to operate, through 1,511 improvements to business regulation.

Worldwide, more than half the regulatory changes recorded in the past year eased business start-up, trade, and the payment of taxes.

Many of the improvements involve new technologies.

"New technology underpins regulatory best practice around the world," said Janamitra Devan, Vice President for Financial and Private Sector Development for the World Bank Group.