Over 7,000 steps, big and small, have been taken by the government so far to improve the ease of doing business in the country, Commerce and Industry Minister Nirmala Sitharaman has said.
Steps taken to improve ease of doing business include fixing timeline for clearance of applications, de-licensing the manufacturing of many defence products, introduction of e-biz project for single window clearance, reduction in number of documents required for export and import, and mandatory filing of all returns on-line through a unified form.
Nirmala Sitharaman also said that the ministry is working with all states to improve the ‘Business Climate’ further.
Business climate is the general economic environment within a society of enterprises and location(s) comprising of the attitude of the government, politicos, labor organizations, financial and lending institutions toward businesses and business activity, attitude of labor unions toward employers, current taxation regimen, inflation statistics through which forecast generally explore a positive twist regarding a financial system.
“Roughly about 7,000 big, small, medium and nano measures have been taken on ease of doing business. As a result of which, we feel that states have realised that ease of doing business is a major agenda and they also see the benefit on going on that route,” Nirmala Sitharaman said.
In the World Bank’s latest ‘Doing Business’ 2017 report, India’s place remained unchanged from last year’s original ranking of 130 among the 190 economies that were assessed on various parameters.
Last year’s ranking was revised however to 131 from which the country has improved its place by one spot.
India has expressed disappointment at its rank remaining low, stating that efforts and reforms undertaken by the Centre and states have not been adequately captured in the ranking.
The Doing Business Report (DB) 2017, is a study elaborated by the World Bank Group since 2003 every year that is aimed to measure the costs to firms of business regulations in 190 countries.
The study has become one of the flagship knowledge products of the World Bank Group in the field of private sector development, and is claimed to have motivated the design of several regulatory reforms in developing countries .
The study presents every year a detailed analysis of costs, requirements and procedures a specific type of private firm is subject in all countries, and then, creates rankings for every country.
The study is also backed up by broad communication efforts, and by creating rankings, the study spotlights countries and leaders that are promoting reforms.
The DB has been widely known and used by academics, policy-makers, politicians, development experts, journalists and the business community to highlight red tape and promote reforms.
Doing Business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 190 economies,from Afghanistan to Zimbabwe, and over time.
The government has been making efforts to further improve the ease of doing business and aims to bring the country in the top 50.