UKIBC’s ‘Doing Business in India’ Report 2022
UK India Business Council released the eighth edition of the ‘Doing Business in India’ Report on November 24, 2022.
About the ‘Doing Business in India’ Report 2022?
‘Doing Business in India’ Report 2022 was released by the UK India Business Council (UKIBC). Its findings are based on a survey of 111 UK businesses and higher education institutions. It is consistent with the 7 previous surveys that were conducted each year from 2015 to 2021. Their purpose is to assess the views and experiences of UK businesses and higher education institutions in India’s business environment. The findings of the 2022 report was shared with the Department for Promotion of Industry and Internal Trade (DPIIT) – the nodal department for promoting ease of doing business in India – and with the Maharashtra Industrial Development Corporation, which is responsible for supporting investors in the state.
What are the key findings of the report?
- Maharashtra was rated the highest among the Indian states in terms of the operating environment. Other top performers are Gujarat, Chandigarh, Haryana, Himachal Pradesh, Andhra Pradesh, and Uttar Pradesh.
- The reforms most desired by UK businesses are improving turnaround time of approvals and bureaucratic processes. Simplification of the GST processes and increasing regulatory certainty also received large vote shares as the most desired reforms.
- The Atmanirbhar Bharat initiative is seen by more than 67 per cent of surveyed businesses as an opportunity to do more trade and investment in India. 33 per cent of the businesses see this initiative as a hurdle, raising concerns about the prioritization of local goods and manufacturing over international alternatives.
- The requirement to transfer intellectual property is seen as an issue by the UK business. These businesses are looking for improved investor protection, regulatory certainty and IP protection and processes.
- The strong elements that are supporting business operations in India are telecommunication facilities, skilled labour force and availability of supply chain.
Category: Reports & Indexes Current Affairs