India is
hoping to make it to the top 100 countries this year for the first time
as the World Bank is expected to release its 2018 edition of the Ease of Doing
Business index on Tuesday.
Govt officials said that they
expect the country to move up in the rating due to recent reforms, including
the three big ones - Goods and Services Tax (GST), the Insolvency and
Bankruptcy Code, and simple rules that govern starting a business.
The World Bank created the
index to measure regulations that directly affect businesses and overall
environment such as market situations, infrastructure, inflation, and crime.
New Zealand, Singapore and
Denmark were the top three countries in the last report while India performed
poorly on the index rising just one rank to 130 in 2017 from 131 in 2016.
Since then, Prime Minister
Narendra Modi had asked the ministries to work towards improving India's rank
in ease of doing business.
Despite the technical glitches in filing of returns under the GST, it is rated
as one of the biggest reforms in India's history aimed at "one nation, one
tax."
A single taxation system was
supposed to signal ease of business for international companies who were put
off by the country's red tape.
Similarly, the Insolvency and
Bankruptcy Code, was billed by Finance Minister Arun Jaitley as a clean-up
measure that would enable investors and banks to take action against failed
companies to recover their money.
On the rules for starting
businesses, the Ministry of Commerce and Industry speeded up clearances for
global players to register and establish their businesses in India.
Asked whether the country was
hopeful of moving up on the ranking, Commerce and Industry Minister Suresh
Prabhu said there could be a good news soon.
in 2017, India's score on the World Bank's 'distance to frontier' moved to
55.27 from 48.77 in 2010.
Source : Deccanherald.com
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