India becomes better place to do business

China, India, and the Russian Federation are among the 30 economies that improved the most over time as 163 economies made their regulatory environment more business-friendly over the past six years, noted the survey by International Finance Corporation (IFC) and World Bank.

"Recently implemented mandatory electronic filing and payment for value-added tax made paying taxes easier for Indian firms," according to "Doing Business 2012: Doing Business in a More Transparent World" report released Thursday.

The report assesses regulations affecting domestic firms in 183 economies and ranks the economies in 10 areas of business regulation, such as starting a business, resolving insolvency and trading across borders.

The survey found that Sri Lanka implemented the most reforms of any of the eight economies in South Asia, helping to create a better environment for entrepreneurs.
It rose nine places in the global ranking to 89, partly by strengthening investor protections and reducing taxes on business. Among the region's economies, the low- and lower-middle-income economies of Afghanistan, Bhutan, India, and Nepal also improved business regulations for local firms, the report noted.

Bhutan, rising four places to 142, recently launched a public credit registry and streamlined business start-up while Afghanistan, ranked 160, made it easier for local businesses to get an electrical connection.

The global report shows that governments in 125 economies out of 183 measured implemented a total of 245 business regulatory reforms-13 percent more reforms than in the previous year.

In sub-Saharan Africa, a record 36 out of 46 economies improved business regulations this year.