India is actively preparing for the World Bank’s upcoming ‘Business Ready’ (B-Ready) survey, a new initiative designed to replace the well-known Doing Business Ranking. This ambitious endeavor will involve evaluating over 9,900 businesses across the nation, culminating in a comprehensive enterprise report by March 2025.
More than 10 key ministries are participating in this project, with the Ministry of Statistics and Programme Implementation (MoSPI) leading the survey efforts. The Finance and Commerce Ministries are also playing crucial roles in the process.
The survey, set to commence in October 2024, will delve into various aspects of the Indian business environment, including trade, taxation, and overall ease of doing business. This information will be instrumental in attracting foreign investment, making India a more attractive destination for global businesses.
The Department for Promotion of Industry and Internal Trade (DPIIT), the lead agency for the Indian survey, has engaged KPMG as a consultant to oversee this project. The plan involves reaching out to enterprises across India in the coming weeks to gather insights on the efficiency of public services provided by the government.
The World Bank’s shift from the Doing Business Ranking to the B-Ready initiative reflects a broader approach to assessing the business environment. While the Doing Business report primarily focused on the ease of doing business from the perspective of firms and entrepreneurs, the B-Ready initiative takes a more holistic approach, considering the benefits for various stakeholders, including workers and the environment.
This shift stems from concerns about the Doing Business methodology, which faced scrutiny after data irregularities were reported in 2020. The World Bank responded by pausing the Doing Business report and undertaking a series of reviews and audits.
While some processes from previous surveys will be utilized, the Business Ready surveys will emphasize sector-based reforms. The goal is to create a more nuanced and comprehensive understanding of the business landscape in India, fostering a more conducive environment for growth and investment.
