India: 'Least Business-Friendly' Among BRICS Nations

Bangalore: A World Bank report has put India at the last position among the BRICS nations, when it comes to business-friendly environment. The ranking indicated a country’s regulations and procedures for international business practices. The higher the ranking, the simpler the regulations and procedures would be for international business practices and investor trust.

Meanwhile India being at the last, the report has placed South Africa as the best among them, ahead of the powerhouses China and Russia. It was on the basis of the ease of doing business, the World Bank has brought out the list in which India, one among the BRICS nations, was placed at the #134 position; where as other BRICS nations, South Africa (34), China (79), Russia (123) and Brazil (127) were proved to be more business-friendly.

Nils Flaatten, CEO of Western Cape trade and promotion investment agency Wesgro has stated that South Africa, while leading the BRICS countries in terms of investor trust and corporate governance procedures, has acquired an economic growth. The crucial element behind this economic growth is its job creation.

"South Africa's business ranking is something to be proud of. We have the second most stable financial system in the world and our sophisticated and established regulatory structures make us trustworthy in the eyes of investors," Flaatten said. “Although …, the global trend predicted for the next few years is declining demand and trade, which will negatively impact employment," he added.

But, South Africa's official jobless rate is currently 24.9 percent, one of the highest in the world, with 4.47 million people without jobs. The report also indicated that while the richest 10 percent of South Africans contribute 58 percent to the country's economy, the bottom half that earns less than 8 percent of the nation's income - contributes about 0.5 percent.