The World Bank has said that India has improved on six of the 10 parameters on starting and doing business in the country. It is a complement to the efforts of PM Narendra Modi, efforts towards reform measures taken in last 4 years of dedicated service to the nation by making the efforts to ease processes, project a business-friendly environment, and draw in foreign investment.
India is the only nation to have made it to the list of top 10 improvers for the second consecutive year in World Bank’s Ease of Doing Business 2019 survey. It climbed 23 places to 77 among 190 countries surveyed, making it the only country to rank among the top 10 improvers for the second consecutive year.
“The key reforms in India included streamlining the process of obtaining a building permit and improved building quality controls,” the World Bank said. “Starting a business was made easier through consolidation of multiple application forms and introduction of a goods and services tax (GST), while getting electricity was made faster and cheaper. Other reforms in India included strengthening access to credit as well as making it easier and faster to pay taxes and trade across borders.”
Industry secretary Ramesh Abhishek said that earlier, breaking into the top 50 in the World Bank rankings looked difficult. “At 77, we are within striking distance of top 50. Momentum of reforms will continue. ‘Team India’ will work harder, together, build more & more trust with users & deliver on the promise,” he tweeted.
It is all possible, because of the policy of “implementing the single-window clearance system in Delhi and the online building permit approval system in Mumbai during the second half of 2017. India also continued to streamline and centralize its construction permitting process. This improvement was further made possible by reducing the time and cost to export and import through various initiatives, including the implementation of electronic sealing of containers, upgrading of port infrastructure and allowing electronic submission of supporting documents with digital signatures under its National Trade Facilitation Action Plan 2017-2020.
In its annual ‘Doing Business’ 2019 report, the World Bank said India has improved on 6 of the 10 parameters on starting and doing business in a country. The checklist includes ease of starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts and resolving insolvency.