World Bank's Business Ready (B-READY) Project [UPSC Notes]

The World Bank has introduced a new yearly report named “Business Ready” to replace the “Doing Business” rankings, which were cancelled two years ago due to data issues and accusations of unfairness towards China. In this article, you can read more about the new Business Ready (B-READY) report for the IAS exam.

Business Ready (B-READY) by World Bank

The World Bank announced its Business Ready report project to replace the Doing Business rankings in May 2023.

• The initial report will cover 54 economies in Asia, Latin America, Europe, the Middle East, and Sub-Saharan Africa and will be published in 2024, with additional countries being added over the next two years.
• The report’s goal is to assist countries in attracting investment and increasing employment and productivity to expedite development.

New report reflects a more balanced and transparent approach:

• The new “Business Ready” report from the World Bank is better than the old “Doing Business” project. 
• It has a fairer and more open way of assessing a country’s business and investment environment. 
• The report now also considers workers’ rights as defined by the International Labor Organization, and recognizes that rules can sometimes be helpful.

Data transparency and integrity will be ensured:

• The World Bank’s Indicators Group said that the data integrity of the “Doing Business” rankings was compromised. 
• To ensure that the data is transparent, the bank will publish all data collected for the project and provide the tools needed for outsiders to replicate the results of the data assessments.

Business Ready Report Focus Topics

• The “Business Ready” report concentrates on 10 subjects related to the stages of a company, such as starting a business, utility services, labour, dispute resolution, market competition, taxation, and insolvency. 
• The report considers the opinions of various parties involved in the market, including entrepreneurs, workers, consumers, and other stakeholders. 
• The report also looks for elements such as worker safety, environmental sustainability, and market competition.

What is Ease of Doing Business Rankings?

• Ease of Doing Business Rankings was an annual report released by the World Bank Group that measured the ease of starting and running a business in countries around the world. 
• The report ranked 190 economies based on various parameters such as starting 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.
• The rankings help governments and policymakers identify areas for improvement in their business regulations and attract foreign investment by creating a more business-friendly environment. 
• It also serves as a tool for investors to compare business opportunities across different countries.
• In 2021, the World Bank Group cancelled the Ease of Doing Business Rankings due to data irregularities and allegations of favouritism towards China. 
• Read more on the Ease of Doing Business report in the linked article.

World Bank’s Business Ready (B-READY) Project:- Download PDF Here