The World Bank recently ranked the countries of the world on the ‘ease of doing business’ in those countries. India is ranked 142 among 189 countries. Among the states in India, Gujarat is ranked highest in terms of ease of doing business, while Meghalaya is ranked amongst the lowest three with Arunachal Pradesh and Nagaland. The rankings are based on certain parameters such as time taken to start a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Economies are ranked on their ease of doing business, from 1–189. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. The rankings are determined by sorting the aggregate scores on the above 10 indicators after giving equal weight to each topic. The rankings for all economies are benchmarked to June 2014. These are globally accepted parameters and they ought to be in place if this country wants to ensure that its economy grows to a respectable figure. As can be expected, Singapore is ranked highest in terms of ease of doing business, with New Zealand coming second and Hong Kong third.
Meghalaya is known for its lethargy and inordinate delay in project clearance. The single window agency which is meant to speed up clearances for infrastructural projects that are sought to be implemented in the State rarely meets. It is chaired by the Chief Minister ostensibly so that projects are not held up but that is precisely what is happening since the CM is hardly able to give time to vet the number of projects that land up at his table. This has been the grouse of many serious investors seeking to do business with Meghalaya, especially those not used to the rigmarole of having to pay speed money. The State is today in a very precarious position financially. If it cannot attract investments in key sectors its economic ranking will slip even lower down the scale. This cannot bode well for the State and its people. Investment in key sectors of the economy means employment generation and growth of ancillary businesses which will ensure a robust turnover within the State. But for this the Chief Minister and his team have to have a long term vision which is sorely missing at this point.
