The World Bank acknowledged Pakistan's efforts on carrying out reforms in six areas which led the country to jump from last year's 136th spot to 108 in this year's "Ease of Doing Business 2020" report.
Finance Minister Moshe Kahlon said: "It seems that lowering taxes is one of the most important parameters in jumping us forward in the ranking".
The government's goal was to be among the top 50 economies by 2020. Each country is scored and also ranked ( a comparison ). Importing and exporting became easier with a single electronic platform for trade stakeholders, improved electronic submission methods for documents and upgrades to port infrastructure.
The ten top-ranking countries with respect to the indicator were - New Zealand, Singapore, Hong Kong SAR China, Denmark, Republic of Korea, United States, Georgia, United Kingdom, Norway, and Sweden.
Among the priorities are the creation of a virtual one-stop shop called the Philippine Business Portal, a property registration portal, an online corporate registration system, a unified employee reporting system for social security agencies, and a modern collateral registry. India had broken into the club of 100 nations easiest to conduct business two years ago when it managed to jump 30 spots from the 130th position.
In its "Doing Business" 2020 report, the World Bank commended the reform efforts undertaken by the country "given the size of India's economy".
"Selecting the economies that implemented regulatory reforms in at least three topics and had the biggest improvements in their ease of doing business scores is meant to highlight economies with ongoing, broad-based reform programs", the World Bank said. "In addition, authorities enhanced building quality control in Delhi by strengthening professional certification requirements", said the bank.
Pakistan had risen 28 places in the World Bank report along with securing a place among the top 10 countries with the most improved business climate.
"This is the third year in a row that India makes to top 10 in Doing Business, which is a success which very few countries have done over the 20 years of the project, Without exception, the other countries that have done this are very small, population-wise, and homogeneous", Simeon Djankov, Director of Development Economics at the World Bank told PTI in an interview. "And for that you need to recharge", he said, adding that the government need to come up with a new set of priorities for the next four years. But "reforms are now gaining traction that would thrust the Philippines into a more competitive economy as proven by the 29-notch leap", he said.
Reduced cost of starting a business: The World Bank said starting a business [in India] is less costly thanks to abolished filing fees for the SPICe company incorporation form, electronic memorandum of association and articles of association.
"An entrepreneur in a low-income economy typically spends about 50 percent of income per capita to launch a company, compared to just 4.2 percent for an entrepreneur in a high-income economy", according to the report.