07 Oct Prelims Bits: B-READY 2024 Report
This article covers “Daily Current Affairs” and topic details of the Prelims Bits: B- Ready Report.
Syllabus mapping:
General studies: Events of National and International significance.
For Prelims:
What is the B-Ready Report, key parameters, and scoring?
Why in the news?
Recently published, the B-READY 2024 report is making headlines for its comprehensive assessment of the business environment worldwide.
Business ready (B-READY): Key Facts
1. Publisher: B-READY is a flagship report from the World Bank Group that evaluates the global business and investment climate. It replaces and enhances the previous Doing Business project.
2. Purpose: It aims to strengthen the private sector by addressing the interests of individual firms, workers, consumers, potential new enterprises, and the natural environment.
3. Analytical Framework: Introduces a new framework that benchmarks economies based on three main pillars:
Regulatory Framework
Public Services
Operational Efficiency
4. Topics Covered:
Focuses on 10 essential topics that correspond to various stages of a firm’s life cycle, supporting comprehensive private sector development.
5. Cross-Cutting Themes:
Provides insights into three important themes relevant to modern economies:
Digital Adoption
Environmental Sustainability
Gender
6. Data Collection:
Utilizes a robust data collection process, including specially tailored expert questionnaires and firm-level surveys.
7. Geographical Coverage:
The 2024 report covers 50 economies and is the first in a planned series that will expand both in coverage and methodological refinement over time.
8. Support for Reforms:
Aims to support reform advocacy, provide policy guidance, and facilitate further analysis and research.
Difference between Easy of Doing Business and Business Ready report:
| Feature | Doing Business | B-READY |
| Focus | Business environment for SMEs | Private sector development as a whole |
| Assessment Scope | Regulatory burden, some public services | Regulatory burden, quality of regulations, public services, ease of compliance |
| Structure | Not explicitly structured | Three pillars: Regulatory Framework, Public Services, Operational Efficiency |
| Firm Flexibility | Limited to individual firms | Evaluate firm flexibility and social benefits |
| Data Collection | 11 questionnaires | 21 questionnaires |
| Indicators Collected | Fewer than 1,200 indicators | Almost 1,200 indicators (from about 2,000 data points) |
| Life Cycle Coverage | Omitted critical areas (e.g., labor) | Covers all major topics related to a firm’s life cycle |
| Data Sources | Expert consultations, case studies | Expert consultations and firm surveys |
| Data Type Balance | Focused on either de jure or de facto | A balanced view of both de jure and de facto aspects |
| Performance Assessment | Rankings and aggregate scores | Disaggregated indicators, scores by topic and pillar |
| Coverage | Main business city in 191 economies, 2nd largest in 11 economies | Wide coverage within and across economies, national and local regulations |
| Data Update Frequency | Annual updates based on expert consultations | Annual updates for expert consultations, staggered updates for firm surveys |
| Data Stability | Variable | Stable data for each economy over a three-year cycle |
Download plutus ias current affairs eng med 7th Oct 2024
Prelims Question:
Q. Consider the following parameters:
1. Business location
2. Utility services
3. Labour
4. Getting electricity
5. Registering property
6. Protecting minority investors
7. International Trade
How many of the given above are parameters of the B-ready Report?
A. Only two
B. Only three
C. Only four
D. Only five
ANSWER: C
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