India is gearing up for the World Bank’s new ‘B-Ready’ report, aiming to improve its ranking after the discontinuation of the previous ‘Doing Business’ report. The new report will provide a quantitative assessment of the business environment and investment climate in various economies, focusing on factors like business entry, labor, financial services, and taxation.
Senior finance ministry officials in India have called for tax officers to strike a balance between enforcing tax compliance and facilitating a smooth business environment. This comes as the government intensifies its fight against GST evasion, with a special drive targeting fake registrations and tax credit fraud.
A survey by UOB reveals that higher costs, including inflation, operating costs, and labor costs, have emerged as the primary challenges for Asian businesses in 2023. Despite these headwinds, a significant number of companies remain optimistic about the business environment, with Indonesia and Vietnam exhibiting the highest levels of positivity. In response to these challenges, businesses are prioritizing cost reduction, client acquisition, and digital transformation. Notably, more than 80% of respondents expressed interest in overseas expansion to enhance revenue and profitability, with Southeast Asia being the preferred destination.
