The World Bank has recently introduced the “B-Ready Index” (Business-Ready Index) as its new flagship report, replacing its earlier “Doing Business Report”. It is a ground-breaking initiative that aims to focus on quantitatively assessing the business environment across world economies. It has been formulated as per the recommendations from World Bank experts, governments, civil society groups, and the private sector. It will help countries to support their economic development by attracting more investments and creating new employment opportunities.
The index will expand in three stages, covering 54 economies initially and reaching up to 180 countries by 2026. The first of three editions of the pilot report is set to be released in September 2024 including 50 countries irrespective of their income status. Tentatively, pilot 2 and pilot 3 will be considering 62 and 73 countries respectively in addition to the existing ones.
After these pilot reports, the data and summary report of the B-Ready Index will be published annually, taking into consideration three main pillars: regulatory framework, public services, and efficiency. The GOI is already aligning its policy framework to improve India’s ranking on the index by focusing on trade regulations and other key areas.
This new framework is expected to provide better insights into the realities of business challenges present globally, making it a crucial tool for policymakers and investors alike. It is a comprehensive tool that assesses the business environment across ten indicators, depending on the market operations and life cycle of the organizations. The index incorporates digitalization, environmental sustainability, and gender equality into each indicator, ensuring a holistic and forward-thinking approach to business evaluation.
It reflects a balanced and transparent approach while evaluating the businesses and global investment environment. It assesses the ease of conducting business from the perspectives of both entrepreneurs and private organizations. It collects data from experts and measures effectiveness through data comparability across economies.
Overall, the Index represents a significant advancement in the efforts of the World Bank to promote private sector development and help policymakers to make well-informed decisions. It offers a holistic view of the business environment including trade, taxation, etc to foster investment and more inclusive global sustainable growth.