India secures No 1 in GRDI Report

Singapore, June 6: India has got number one rank. India has surpassed China to secure first among 30 developing countries on ease of doing business. A study was conducted by global management consulting firm regarding the ease of doing business in the developing countries.

The report quotes key drivers for its high performance in Global Retail Development Index or GRDI.



* India's rapidly expanding economy.
* Simplification of foreign direct investment (FDI) rules.
* 100 per cent foreign ownership in B2B e-commerce businesses.
* Allowance of 100 % FDI for retailers who sell food products manufactured in India.
* Consumption boom from urban and semi-urban areas.
* Implementation of GST from July 1.
* Demonetization and promotion of cashless payments.
* Growth of e-commerce in the country.

China stood second in the GRDI report.The report also said the country's retail sector is expected to grow at an annual rate of 20 percent. Experts have said that the coming years will see a golden period in Retail sector.