The 6th edition of United Kingdom India Business Council’s (UKIBC) Doing Business in India Report 2020 titled “Doing Business in India: The UK Perspective” was virtually launched by the UK Investment Minister Lord Gerry Grimstone at a roundtable with Indian industrialists during his virtual visit to India.
- In accordance to the report, 66% of the surveyed UK businesses found it easier to do business in India due to progressive reforms and improvements in components such as the availability of support and service providers, skilled labour, and supply chain.
- Notably, for the third year running, Maharashtra came out as the state with maximum incremental improvement, followed by Karnataka, Delhi, Gujarat, and Tamil Nadu.
Key findings from Report:
–The survey also finds that the Atmanirbhar Bharat mission is providing opportunities to UK firms to do more business in India. More than three-quarters (77%) of respondents are positive about this self-reliance mission.
–In the World Bank’s Ease of Doing Business (EoDB) rankings, India has jumped to63rd in 2019 from 142nd globally in 2014.
–As per the report, the most frequent obstacle to doing business in India is legal and regulatory barriers.
–The most pressing regulatory impediments highlighted are foreign exchange regulations, goods and services tax (GST), import tariffs, alignment with international standards and incorporation of company along with Taxation issues, corruption, and finding a suitable partner.
About Doing Business in India Report:
Since 2015, UKIBC has been releasing this report with the aim of uncovering the existing ease of doing business in India. The 2020 report is based on an in-depth survey of 106 UK organisations operating in India spanning manufacturing, services, and higher education sectors.
Recent Related News:
i.On October 28, 2020, the 10th Round of Ministerial the United Kingdom (UK)-India Economic and Financial Dialogue (EFD) was held virtually where India was represented by Union Minister Nirmala Sitharaman, Ministry of Corporate Affairs (MCA) and Ministry of Finance and UK delegation was led by Chancellor of Exchequer, Rishi Sunak.
ii.On 2nd September 2020, United Kingdom(UK) based Times Higher Education(THE) released the World University Rankings 2021 in which Indian Institute of Science(IISc) Bengaluru ranked under the 301-350 group ranking. The University of Oxford of UK topped the list.
About United Kingdom India Business Council’s (UKIBC):
Chair– Richard Heald
Group Chief Executive Officer (CEO)– Jayant Krishna
Headquarter– London, UK