India gains 77th rank in ease of doing business global rankings - VRGyani News and Media


Wednesday, November 14, 2018

India gains 77th rank in ease of doing business global rankings

India has just gained 77th position in global rankings for ease of doing business by improving 23 places. India has improved its rankings in last two consecutive years through its amendment policies and economic reforms.

Last year, India was ranked at 100 rank.

Commerce and Industry Minister Suresh Prabhu told that the improvement is the result of a combination of measures taken by the government in the last four years and the objective is to get to the top of the list.

India replaced all the value added tax to Goods and Services Tax (GST).

Indian Government also made it fast and easy to obtain construction permit.

Mumbai Municipality removed site inspection from shop and establishment registration process.

Delhi Government eased the process of getting electricity by making it faster and cheaper.

Import and export industry has gone through major changes.

Credit Industry has also been improved.

Digital Initiatives have also increased transparency and efficiency of processes.

These were the major reforms in last years but still there is an improvement in quality control through decennial liability and insurance. But still there are some lags in system which needs to be improved. Finance Minister Arun Jaitly told media that India need major improvements in five areas that are property registration, business startup, insolvency, taxation and enforcement of contracts. He also confirmed that it is expected to achieve 50 rank if they will focus on these areas.

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