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India has been ranked a low 97th out of 144 nations, behind Kazakhstan and Ghana, on Forbes’ annual list of the best countries for doing business in 2015, scoring poorly on metrics like trade and monetary freedom and tackling challenges like corruption and violence. Denmark topped the list of the 144 nations on the Best Countries of Business in 2015 list by Forbes.
The US has dropped four spots to number 22, continuing a six-year descent since 2009 when it had ranked second overall.
The US is the financial capital of the world and its largest economy at $17.4 trillion (China is second at $10.4 trillion), but it scores poorly on monetary freedom and bureaucracy/red tape.
India is ranked 97th on the list, with Forbes saying that while the country is developing into an open-market economy, traces of its "past autarkic policies" remain.
According to Forbes, the outlook for India's long-term growth is moderately positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. However, India has many challenges that it has yet to fully address, including poverty, corruption, violence and discrimination against women and girls, an inefficient power generation and distribution system, ineffective enforcement of intellectual property rights, decades long civil litigation dockets, inadequate transport and agricultural infrastructure, limited non-agricultural employment opportunities.
Forbes further said that growth in India last year fell to a decade low, as its economic leaders struggled to improve the country's wide fiscal and current account deficits.
"However, investors' perceptions of India improved in early 2014, due to a reduction of the current account deficit and expectations of post-election economic reform, resulting in a surge of inbound capital flows and stabilization of the rupee," it said.
The country performed moderately well on certain factors, ranking eighth on investor protection, 41st on innovation, 57th on personal freedom and 61st on property rights.
It scored low on trade freedom, ranking 125th and on monetary freedom it ranked 139th. On technology, it ranked 120th, 77th on corruption and 123rd on red tape.
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Indian environment needs a sea change for industry to flourish.
Even the simple opening of a cafeteria needs an agent to help obtain licenses,notwithstanding that it is online procedure.
With such kind of impediments,how can the nation progress in the industrial front.
Procedure needs to be simplified with single window clearance and babus accountable for delay in issuance of licenses.
Industries need change on ground.
Macro factors are different but one who deals with sarkari department knows how difficult it is to get things moving.
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