There is a disclaimer in the report that the methodology employed has limitations. The indicators are used to analyze economic outcomes and identify what reforms have worked but macro indicators such as strength of institutions have not been studied to make meaningful cross-country analyses.

The policy prescriptions suggested in the report are in themselves not startling. However, it is somewhat depressing that even after a decade of economic reforms, we rank so low as a country to do business in. Obviously while others have changed, we have either not changed significantly enough or the changes made by others compel us to change faster.

On each of the ten indices, the policy prescriptions have some obvious lessons. For starting a business clearly most countries have adopted administrative reforms, namely cutting unnecessary procedures, creating a one-stop shop for business registration, introducing standard applications and a single business identification number which can be utilized for multiple purposes. Not many States in India have adopted a single-window approach, and in spite of multiple empowered committees our record on this score remains a mixed one.

While a PAN account number is available, the need to have a unique identification number which has multiple uses in accessing information and securing permissions has yet be conceived.

On credit availability, our record is somewhat better but countries which have performed well have a vastly improved system of credit information registry and a diversified menu on assets, which can be used as collaterals for lending.

... contd.