After rising 23 places to attain the rank of 77 in World Bank’s Doing Business Report last year, India is now aiming higher and eyeing a spot in the top-50 list in this year’s report. To that end, it has cited at least 35 new reforms implemented in the last 12 months which have significantly cut cost, time, documentation and procedures for the conduct of business in the country.
The reforms include an easier procedure for filing Goods and Services Tax (GST) returns, the elimination of incorporation fees for small businesses, increase in the recovery rate under the Insolvency and Bankruptcy Code 2016, a colour dashboard to track customs clearances in real time, among others.
Officials of the Department of Policy for Industry and Internal Trade (DPIIT), the nodal ministry for ‘ease of doing business’ (EODB), along with the Department of Revenue, the Jawaharlal Nehru Port Trust (JNPT), the Ministry of Housing and Urban Affairs and the Municipal Corporation of Delhi met representatives of the World Bank (WB) in May to highlight the architecture of all these new reforms that have led to efficiency and transparency.
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“We are expecting a significant improvement in our ranking this year as well. We have shared evidences and supporting data of the wide-ranging reforms undertaken this year. We hope to break into the ‘Under-50’ this year,” a government official said.
Source: Business Standard
