Ease of Doing Business: Steps Taken by Indian Government
Ease of Doing Business: Steps Taken by Indian Government
Q.3: Ease of doing business is one of the key requirements of the Make in India initiative and other progressive schemes and programmes. Discuss the steps taken by the Indian government for improving ease of doing business in the nation.
Government has taken the following steps for improving ease of doing business in India:
• Reduction in number of documents for foreign trade
• Online application for environmental clearance
• Improvements have been made in regulatory environment through:
- Deregulation
- Delicensing
- Simplification of procedures
• Action plan has been formed for improving the regulatory environment
• Documents required for import and export have been lessened to three namely:
- Payment of ESIC online
- EPFO paid online via 56 accredited banks
- Elimination of NOC for establishing new electricity connection
• New sectors have been opened to FDI and partnership has been forged between industries and the government through positive mindset
• Government has also focused on creation of modern and efficient infrastructure
• Allotment of PAN and TAN cards has been simplified and CIN/Corporate Identity Number has been included as proof of identity
• Additional investment allowance of 15% and more depreciation has been provided to new manufacturing units set up in states such as AP, Bihar, WB and Telangana from April 2015 to March 2020
• Indirect tax front initiatives have also been promoted to improve ease of doing business
Facts and Stats
• India is rank 142 among 189 countries in latest WB report for ease of doing business
• Government hopes to improve India’s ranking within 50th position
• As many as 217 of 231 projects in sectors such as coal, civil aviation, mines, power and roads as well as petroleum have been resolved by the NDA government of late
• Initiatives such as Make in India have been given international prominence for establishing global partnerships and linkages.
