Government aims to bolster trade rankings with World Bank's business ready report

Bolster trade rankings: The commerce ministry has embarked on a comprehensive review of international trade policies as part of its efforts to enhance India's ranking in the forthcoming Business Ready report by the World Bank, an official disclosed.

Scheduled for release on September 25, 2024, the inaugural Business Ready report supersedes the World Bank's previous Doing Business index, which was suspended in 2020 due to data irregularities.

This new flagship report scrutinises ten key topics pivotal to a firm's lifecycle, encompassing aspects like business entry, utility services, taxation, and international trade.

The commerce ministry is diligently addressing queries under the international trade domain, focusing on issues such as trade regulations, public service efficiency, and digital trade facilitation.

With plans to cover approximately 180 economies annually by 2025–26, the Business Ready project is set to commence with 54 economies in its inaugural year, expanding to 120 in the subsequent year.

An official affirmed, "Concerned ministries are actively collaborating on their respective topics, with the commerce ministry leading efforts on international trade. Our objective is to elevate India's rankings in the global business landscape."

Over the years, India has implemented various initiatives to bolster trade infrastructure and streamline business operations, resulting in a notable upsurge in exports, which surpassed $ 760 billion in the fiscal year 2023–24.

(with PTI inputs)