The
government is aiming to improve India's ranking in ease of doing
business index to 50th position in the next two years from the
current 134th. The Commerce and Industry Ministry has already taken
several measures and has proposed series of steps, including
drastically reducing the time for registration of business to one
day, single registration of all labour laws and cut in number of
taxes to improve ease of doing business in India. "Aim is to
improve the ranking to 50th position in two years from 134th at
present. Different government departments have already started
consultation and deliberations on steps to improve India's ranking,"
sources said. They added that meetings would continue to remove all
the barriers and simplify the cumbersome procedures related to
approvals and clearance mechanism for business activities. According
to a World Bank report, India has slipped three positions to 134th
spot in the latest 'ease of doing business' list, which is topped by
Singapore. The Department of Industrial Policy and Promotion (DIPP),
has identified sectors and specific reforms that are urgently
required to substantially improve India's ranking in ease of doing
business. The department has listed as many as 46 action points for
different central government ministries and state governments for
improving the business climate. For Corporate Affairs Ministry, it
has suggested that the time taken in registration of business from
existing 27 days be reduced to only one day as in Canada and New
Zealand. It has also called for doing away with the requirement of
company seal and removal of minimum paid up capital for starting a
business. It has suggested introduction of Bankruptcy Law, Unified
Insolvency Code, speedy constitution of benches under National
Company Law Tribunal and fixing of a definite and predictable
timeframe for rehabilitation and liquidation process. Similarly, it
has recommended reduction in number of taxes and permitting online
payment of taxes; simplification of complex tax processes; expediting
implementation of Direct Tax Code, Goods and Services tax besides
abolition of minimum alternate tax for SEZ developers and units.
Further, it has called for a uniform policy and procedure for all
states for a single window clearance along with combined application
form and single registration for VAT and other state taxes. The DIPP
has also proposed timelines to implement these initiatives, aimed at
attracting investments as part of the Prime Minister Narendra Modi's
'Make In India' campaign. During the last three years, India received
an average of USD 30 billion annual foreign direct investment. India
needs huge investments to give a boost to its manufacturing sector
and to create million of jobs.
Subscribe to:
Post Comments (Atom)
ఐపిఓల సందడి, నిధుల సేకరణ దండి
ప్రైమరీ మార్కెట్లో ఈ ఏడాది (2024) ఐపీఓ సందడి జోరుగా ఉంది. ఏడాది మొత్తం మీద 90 ప్రధాన ఇష్యూల ద్వారా కంపెనీలు రూ.1.6 లక్షల కోట్లు సమ...
-
fo r April 25, 2019 Closing Subdued Tithi : Chaitra Krishna Saptemi Nakshatra : Poorvashadha Persons born in Mrigasira, ...
-
మార్కెట్ విలువలో బిఎస్ఇ కొత్త రికార్డు బొంబాయి స్టాక్ ఎక్స్ఛేంజిలో (బిఎస్ఇ) లిస్టింగ్ అయిన కంపెనీల ఉమ్మడి మార్కెట్ విలువ మంగళవారం (202...
-
దేశంలో సుజుకి మోటార్ కార్పొరేషన్ (ఎస్ఎంసి) మూడు కోట్ల కార్ల ఉత్పత్తి మైలురాయిని దాటింది. అయితే తన మాతృదేశంలో ఈ మైలురాయిని సాధించిన సమయం...
No comments:
Post a Comment