India Advances in Global Business with Strategic Reforms

India's quest to become a more business-friendly destination has gained momentum, with the nation's dramatic improvement in the ease of doing business index. As the country prepares for the World Bank's upcoming B-READY assessment in 2026, significant strides have been made, as highlighted in a recent release by the Ministry of Commerce & Industry.

The previous World Bank's Doing Business Report, which ceased in 2020, saw India climb 79 places over five years to rank 63rd in 2019. The introduction of the B-READY assessment in 2024 is set to further scrutinize the business environment in over 180 countries. Minister of State for Commerce & Industry, Jitin Prasada, affirmed the government's commitment to creating an investment-friendly ecosystem, emphasizing the government's clear aim to make India a lucrative investment destination.

The Department for Promotion of Industry and Internal Trade (DPIIT) initiated the Business Reforms Action Plan (BRAP) in 2014, focusing on enhancing the domestic business climate through regulatory streamlining and digitization. With over 9,700 reforms across India, significant advancements include the introduction of single window systems and digital business processes, reducing both time and costs for businesses. Moreover, under the Regulatory Compliance Burden initiative, over 47,000 compliance requirements were slashed, facilitating ease of business exponentially.