On November 24, 2022, the United Kingdom India Business Council (UKIBC) released its 8th Annual Report On Doing Business In India: The UK Perspective (November 2022). As per it, Maharashtra is rated highest amongst States in terms of the operating environment.
- It is followed by Gujarat, Chandigarh, Haryana, Himachal Pradesh (HP), Andhra Pradesh (AP), and Uttar Pradesh (UP).
Basis of Assessment:
The findings of the report are derived from a survey of 111 UK businesses and higher education institutions.
Key Highlights:
i.The UK businesses want the issues of tariffs, product standards/certification, intellectual property (IP) , and customs procedures to be covered under UK-India Free Trade Agreement (FTA).
ii.Other issues raised by businesses include the requirement to transfer IP, greater investor protection, regulatory certainty and IP protection and processes.
iii.Improving turnaround time of approvals and bureaucratic processes is the most desired reform by UK businesses. It is chosen by 54% of businesses surveyed.
- It is followed by simplification of the GST processes and increasing regulatory certainty
iv.67% of businesses surveyed viewed Atmanirbhar Bharat as an opportunity to do more trade and investment with India while 33% saw it as a challenge.
v.Telecommunication facilities, availability of skilled labour and availability of supply chain are regarded as strong elements in India’s operating environment.
vi.The report’s findings were shared with the Department for Promotion of Industry and Internal Trade (DPIIT), the nodal department for bringing about improvements in ease of doing business.
- It is also shared with the Maharashtra Industrial Development Corporation (MIDC) responsible for supporting investors in Maharashtra.
About Doing Business in India Report:
Initiated in 2015, it highlights the views and experiences of UK businesses and higher education institutions on India’s business environment. It also covers the challenges they face in entering and operating in India, their reform priorities, and rating of various aspects of India’s business environment.
Recent Related News:
i.In August 2022, NPCI International Payments Limited (NIPL), a wholly-owned subsidiary of NPCI has signed an MoU with PayXpert, London-based payments solutions provider, to internationalize the acceptance of its payment solutions, UPI and the RuPay card, in the UK.
ii.Conservative party leader Rishi Sunak (42) becomes the 57th United Kingdom’s (UK) Prime Minister. He was appointed by King Charles III. He succeeded Liz Truss, who resigned as PM after just 45 days in power.
About United Kingdom India Business Council (UKIBC):
Managing Director– Kevin McCole
Headquarters– London, United Kingdom
