Which of the following has/have impact(s) on the World Bank’s ‘Ease of Doing Business’ ranking of India? 1. India’s ratification of WTO’s Trade Facilitation Agreement in 2016. 2. The Arbitration and Conciliation (Amendment) Act, 2019. 3. Police reforms Select the correct answer using the code given below:
Which of the following has/have impact(s) on the World Bank’s ‘Ease of Doing Business’ ranking of India?
1. India’s ratification of WTO’s Trade Facilitation Agreement in 2016.
2. The Arbitration and Conciliation (Amendment) Act, 2019.
3. Police reforms
Select the correct answer using the code given below:
Options
- a.Correct answer
1 and 2 only
- b.
2 only
- c.
2 and 3 only
- d.
1, 2 and 3
Explanation
The 10 sub-indices that decide the “Ease of doing business” are given in the figure below:
• Ratification of the Trade Facilitation Agreement (TFA) in 2016 that simplified border management procedures, which included e-filing of documents and single-window customs procedure.
• TFA helped reduce transaction cost of imports and exports, and facilitate smooth movement of goods across borders. (Trading across Borders)
• India’s performance is the weakest in the sub-index ‘Enforcing Contracts’, which is essentially a measure of dispute resolution mechanism. India ranks 163 in this index.
• The recent passing of the Arbitration and Conciliation (Amendment) Act, 2019 is said to improve India’s ranking in the coming years.
• Police reforms do not relate to any of the sub-indices directly.
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