India eyes place in top 100 on ease of doing business list
New Delhi: India hopes to figure among the top 100 nations in the ease of doing business ranking, counting on significant improvement achieved by Delhi and Mumbai as well as additional measures likely to be taken by the time the World Bank announces the next list in October.
Officials said the government is hoping that India will improve its position from 130 out of 189 nations at present to within the top 100 this year and the top 50 next year.
The ranking considers business environment in Delhi and Mumbai. According to a report released by the Department of Industrial Policy and Promotion (DIPP), the two cities have undertaken reforms in areas such as construction permits, enforcing contracts and starting business. Some of the measures ahead include amendment to the arbitration and conciliation law to reduce the time spent in proceedings and grounds on which an award may be challenged. The insolvency and bankruptcy code bill passed in Parliament is also expected to become functional soon, making it easier to wind up businesses in India.
To improve construction permits, Mumbai and Delhi have completed the process of single-window approval by integrating with internal departments and introduced digital signing of building permit application as well as maps. The manual application for grant of construction permits has been discontinued. The urban development ministry and Delhi Development Authority have notified the unified building by-laws.
Besides, environmental clearance has been waived for 36 white industries, industrial sheds and educational institutions, and the overall validity extended from five to seven years. Speeding up processes for starting a business, the corporate affairs ministry has introduced one form, INC 29, and one payment for businesses to avail three per-registration services including name availability, director identification number and incorporation of company.
The DIPP report said to improve India's performance on the parameter of businesses getting credit, SARFAESI (Central Registry) Rules, 2011 have been amended to record security interest created on all types of property such as movable, immovable and intangible.
Source: The Economic Times