Bhubaneswar third best place for doing business in India 2009 Report unveiled

Orissa matches Punjab
Tathya.in, June 30, 2009
New Delhi:30/June/2009

Very good news for Orissa!!!

The Capital City of Orissa is found out to be third best place in the country, where doing business is easier.

A new report by IFC and the World Bank finds that it is easier to start and operate a business now than it was three years ago in many large Indian cities.

Doing Business in India 2009 Report unveiled here on 30 June reveals the fact and this compares business regulations across 17 Indian cities.

The report finds it is easiest to start and operate a business in Ludhiana, Hyderabad, and Bhubaneshwar.

Starting a business is fastest in Mumbai and Noida, at 30 days, while it takes 41 in Kochi.

Business start-up is least expensive in Patna.

Resolving a commercial dispute takes about two years in Bhubaneshwar, Hyderabad, and Kochi, but almost four years in Mumbai.

In presenting the case of Orissa, IPICOL, the industrial promotion institution of the state has taken the lead for which it has improved its position since 2006.

In 2006, Orissa was placed at fifth place in the country among 12 states in the Doing Business Report.

But in 2009, they compared with 17 states and Orissa came third, said a senior expert.

Leading the lot IPICOL Chairman Ashok Dalwai and Managing Director Ashok K Meena was presented the case of Orissa in a befitting manner.

Ground work done by B N Palai, General Manager of IPICOL paid excellent dividends, admitted an insider.

In 14 of the 17 locations it benchmarks, the Report records significant business reforms at the national, state, and municipal levels.

These include computerizing records, putting tax registration online, and setting up single-window systems for permit applications—all making it easier for businesses to comply with rules and regulations.

While all cities in India have a similar legal and institutional framework, local regulations and the implementation of national laws vary.

And these variations across India in the regulatory ease of doing business show the potential for cities to learn from one another.

Compared with economies worldwide, cities in India lag most in the ease of closing a business and paying taxes.

In India, where more than 90 percent of jobs are in the informal sector, regulatory reforms can help businesses operate efficiently in the formal sector.

“Reforms that cut red tape, clarify property rights, and streamline regulatory compliance can yield big payoffs for firms and workers,” said Penelope Brook, Acting Vice President of the World Bank Group’s Financial and Private Sector Development Vice Presidency.

“A greater ease of doing business as measured by the Doing Business report is associated with stronger growth, job creation, and a smaller informal sector.”