Detailed Scrutiny Of Ease Of Doing Business In India
Post on 27,July 2016   5:00 AM
By - PolyEyes Staff
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Background: India ranked 142/189 nations in World Bank's Ease of Doing Business study 2015.

India doesn't feature in top 100 list except for 2/10 parameters viz. Getting Credit and Protecting Minority Investors.

India has performed poorly on parameters such as electricity, registering property, paying taxes which fall under ambit of local govt.

Govt. Initiatives: 
  • 98 parameters identified by Central Govt.
  • States to be assessed & ranked by DIPP with help of World Bank in bid to increase competition among states to attract investments. 
  • Various steps by GoI viz. Removal of minimum Paid-up capital requirements for companies, removal of filing declaration of commencement for companies,  only 3 documents for exports and imports, etc.
  • Amendment in Merger Regulations by CCI.
  • Amendment in Companies Act.
  • GPR (Govt. Process Re- engineering) to further automate the approval process.
  • Establishment of Central Registration Centre (CRC) for processing of applications for name availability,  submitted online. It endeavors to process them by end of next working day.
  • Central Government plans to reduce Corporate Tax rate to 25% from present 30% by 2019 & eliminate the existing incentives & exemptions.
  • Capital infusion to the tune 70000 crores in PSU banks by 2018-19 in order to boost investments. 
  • Formation of NIIF (National Investment & Infrastructure Fund) in Dec 2015 as Fund of Funds (Category II Alternate Investment Fund) with ₹ 40000/- crore fund, outside the purview of CAG & Parliament with 49% Govt ownership. It will invest a sum to the tune 20000 crores every year in commercially viable Long gestation projects  (Greenfield, Brownfield and stalled projects). 
  • NIIF is run by commercial managers.

Initiatives by States: Telangana becomes first state to bring "Right to Clearance " to check delays in Industrial projects.

Launch of first ever Retail policy by a State viz. Andhra Pradesh to enable retailers do business in state & proposes Single Desk Clearance of business plans.

Challenges Ahead: Too much restrictive Labour Laws in India: Example, V- B of Industrial Disputes Act provides for seeking prior approval of Govt at times of layoffs, retrenchment or closure for Employers having 100 or more employees. 

 AIM: Achieving a slot among Top 30 in World Bank's list on "Ease of Doing Business ".

Achievements: As per World Bank, it took 4 months to start a business in India in 2005 but in 2015 it takes only 29 days.

Concerns: India slipped to 3rd position on scale of Business optimism during April- June quarter 2016 published by Grant Thornton International Business Report (IBR) on account of delays in keys reforms like GST, non- resolution of Tax Disputes & performance of Banking sector. 

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