Bad news stuck India when the nation lost one of the biggest foreign investments quite recently. The news is that the world’s steel maker ArcelorMittal scrapped its $12 billion (50, 000 crore) steel plant in Odisha.
A similar kind of blow is due from the major steel manufacturer, Posco who is alleged to pull out of a $5.3 billion steel mill project in Karnataka. The reason being delay in securing land and opposition from its residents.
In spite of the government’s interference, the macro-economic disputes of sluggish economy, high interest rates, unhealthy FII inflows, higher CAD concerns etc have made the country an unattractive industrial destination in the world.
Check the following to know where India stands on the Global Innovation Index 2013 ranking of the countries which is easy to start business.
1. New Zealand
- Score (0–100): 100
New Zealand scores a perfect 100 on 100 on the score board. It is ranked top among the most preferred business destinations of the world.
The World Bank in 2005 ranked New Zealand as one of the most business-friendly country in the world. It has only small manufacturing and high-tech sectors, and focuses strongly on tourism and primary industries such as agriculture.
- Score (0–100): 99.10
Canada is the eleventh-largest economy and one of the wealthiest nations in the world. Canada has the 8th largest commercial fishing and seafood industry in the world. The economy of Canada is one of the global leaders of the Entertainment Software Industry.
- Score (0–100): 97.90
Australia has the largest capitalist economies in the world with a GDP of $1.57 trillion. The country has a total wealth of about 6.4 trillion dollars. As of 2011, it was the 13th largest national economy by nominal GDP and the 17th-largest measured by Purchasing Power Parity-adjusted GDP, about 1.7 percent of the world economy.
Australia is the 19th-largest importer and 19th-largest exporter in the world.
- Overall rank: 4
It was because of the privatization in 2000, Macedonia could gather $700 million. The leadership could also demonstrate a continuing commitment to economic reform, free trade, and regional integration. Macedonia’s economy is totally dependent on agricultural.
The country’s real GDP in the first half of 2011 increased by 5.2 percent, this robust growth was mainly driven by growth in sectors like construction, mining, quarrying, and manufacturing, wholesale and retail trade.
- Score (0–100): 97.60
Georgia suffered heavy loss in its economy due to the civil strife in the 1990s. However with the aid of IMF and World Bank is has been able to stand up on its feet again achieving robust GDP growth and curtailing inflation a decade later in 2000.
In 2006 and in 2008, the World Bank named Georgia the top reformer in the world.
- Score (0–100): 97.30
Rwanda has over 90 percent of the population that is engaged in agriculture. It is one of the thickly populated countries in Africa with only a few natural resources and minimal industry. The country entered a high period of economic growth in 2006, and the following year managed to register 8 percent economic growth. It has now become one of the fastest-growing economies in Africa.
- Score (0–100): 96.00
Kyrgyzstan has a dominant agricultural economy. Cotton, tobacco, wool, and meat are the main agricultural products. Tobacco and cotton are exported at a huge amount. Other industrial exports include gold, mercury, uranium, natural gas, and electricity. A major portion of its economy depend n gold exports, i.e. from the Kumtor gold mine.
- Score (0–100): 95.90
Singapore is a trade-oriented country. It is known for its exports service mainly in the electronics and chemical services. Singapore is the regional hub for wealth management.
It is seen that the economy of Singapore is a major Foreign Direct Investment outflow financier in the world. The country benefits itself from the inward of Foreign Direct Investment from the global investments. The reason being its attractive investment climates.
9. Hong Kong
- Score (0–100): 95.80
Hong Kong is one of the leading international financial centers in the world. Its service-oriented economy is characterized by low taxation, near-free port trade and well-established international financial market. Hong Kong has been proudly raked as the world’s freest economy in The Wall Street Journal and Heritage Foundation’s Index of Economic Freedom for 17 consecutive years now.
The Hong Kong Stock Exchange is the 6th largest in the world, with a market capitalization of about US$2.97 trillion.
- Score (0–100): 95.50
Madagascar has over 70 percent of the labor force engaged in agriculture. Other sources of its growth include tourism, textile and light manufacturing exports, agricultural products and mining.
Madagascar has run sizeable balance-of-payment deficits since mid-1980s. Madagascar holds the 10th position among world’s most favored business destinations with 95.50 out of 100 on the score board.
- Score (0–100): 62.40
- Overall rank: 128
The Indian government is trying hard to cheer the investments and have also opened 12 sectors for foreign direct investment for the same. But the macro-economic disputes of sluggish economy, high interest rates, unhealthy FII inflows, higher CAD concerns and many more negative factors have made the country most unattractive industrial destination today.
Half a decade back, the Indian industrial sector was n its peak. Back then it was seen that the country’s most cherished sector, the IT sector, was thriving along with sectors like Pharma industry. But, poorly when the financial crisis hit the global economy, India had to suffer a lot.
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