India has begun the preparations for the World Bank's new B-Ready index, which will replace the Doing Business index as the primary measure of business environment and investment climate globally.

The B-Ready index will evaluate countries on ten key business aspects, including entry, labour, financial services, international trade, and taxation. As part of the initial phase, the Commerce and Industry Ministry has requested information from traders, clearing agents, and freight forwarders regarding the time and cost associated with social trade, particularly for digitally ordered exports.

A major focus of the B-Ready index is on international trade efficiency, including the import and export of goods and services, customs processes, and digital trade. Digital trade encompasses transactions that facilitate access to international digital markets and enhance consumer participation.

"Lesser trade barriers and reduced compliance and transaction costs are crucial for maximising the benefits of international trade. We are preparing to address areas where improvements are needed," an official commented. (ET)