CURRENT AFFAIRS
CURRENT AFFAIRS
Description
India is preparing for the World Bank's new Business-Ready (B-Ready) index, which assesses the worldwide business and investment climate. This new index replaces the Doing Business index and focuses on critical variables influencing how firms function.
Transition From The Doing Business Index
The B-Ready index is intended to provide a more complete picture than the Doing Business index. It will compare countries based on ten key themes that address the whole business life cycle. The B-Ready study will focus on key aspects such as-
How Easy Is It To Establish A Business?
Labour- Employment legislation and working conditions
Financial services- It include access to banking and financial products.
International trade- How effectively things are imported and exported
- Taxation- Tax policies and their effects on enterprises
These sections will provide insight into the rules and conditions that govern business operations.
International Trade Assessment
One of the important topics is international trade, which examines how effectively things are imported and exported. This covers customs processes and the role of digital trade, which facilitates access to global markets. Digital trade facilitates cross-border transactions, increasing access to foreign markets. Officials believe that simplifying processes and minimizing compliance costs are critical to realizing the benefits of international trade.
Target For E-Commerce Exports
India intends to achieve $200-300 billion in e-commerce exports by 2030. Currently, e-commerce exports account for only a small portion (0.9-1.1%) of the country's overall merchandise exports, highlighting the need for increased efficiency and capacity.
About B-Ready Index
The B-Ready index also assesses firms' readiness for economic shocks and catastrophes. The Global Business Network developed it to assess resilience and adaptation, taking into account elements such as supply chain stability, labor flexibility, and technology utilization. Countries with higher B-Ready scores tend to recover faster from crises. The index promotes proactive risk management measures and was effective during the COVID-19 epidemic in assisting organizations in identifying flaws. Small and medium-sized firms (SMEs) sometimes receive lower scores due to insufficient resources. The index highlights the importance of sustainable practices for long-term resilience.
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