Starting a business in India is tough - take it easy | SupportBiz

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Starting a business in India is tough - take it easy

 
Starting a business in India, Asia’s third biggest economy, is demanding. Entrepreneurs complain of lengthy, sometimes meaningless, procedures; and of bribes attached to these procedures. India features at the bottom of the list when it comes to the ease of starting a business, according to findings from a World Bank-IFC study.

Starting a business in the sub-continent ‘requires (a completion) of 12 procedures, (which takes) 27 days, and costs 49.8 percent of income per capita and requires a paid-in minimum capital of 140.1 percent of income per capita,’ according to data published in Doing Business 2013.

‘India stands at (a miserable) 173 in the ranking of 185 economies,’ surveyed by the World Bank and the International Finance Corporation for ‘the ease of starting a business.’

The embarrassing fact is that the South Asia 'regional average' rank, at 86, is much higher than India’s 173.

India’s neighbors – Sri Lanka, Maldives, Pakistan, Nepal, Bangladesh, Bhutan and Afghanistan – all fare better when it comes to ‘starting a business,’ dealing with construction permits’ and ‘enforcing contracts’, the report said.

Singapore comes first with respect to the ease of doing business on our planet, the report said.

‘A high ranking on the ease of doing business index means the regulatory environment (in that country) is more conducive to the starting and operation of a local firm,’ according to Doing Business 2013.

You can read the entire India report here and compare rankings here.