World Bank Report: India is still a long way to catch up with China

India ranks 177th in terms of contract fulfillment, according to Singapore's Lianhe Zaobao. In the Mumbai court, it took nearly four years to resolve a business dispute, while in Shanghai, China, it took more than a year. In Shanghai, most merchants only need less than two years to make profits.

The report also focuses on India's business environment. According to the report, the time required to obtain a business license varies across India. In the bubaneswar and Lecha in eastern India, the license was approved for 159 days and 522 days, respectively. As for the time required to register real estate, it takes up to 35 days to wait in the south of Hyderabad and Bangalore, and up to 155 days to wait in the east of Kolkata.

Overall, India, Bhutan (119), Nepal (111), Sri Lanka (101) and Pakistan (76) have developed a business environment. According to the report, the business environment in China, India, Egypt, Turkey, Indonesia and Vietnam has improved.

It is reported that India still hopes to catch up with China's development pace. "We are working with the World Bank to implement reforms in the first phase in Mumbai, Heidelberg, Kolkata, and Germany," said Gobar, India's industrial policy department chief officer ." According to the statement, the focus of the reform will be to make it easier for sellers to set up a company, apply for a license, register a real estate, perform cross-border transactions, and pay taxes.