World Bank Confirms India Is Bad for Businesses

The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley and the Union Minister for Urban Development, Housing & Urban Poverty Alleviation and Information & Broadcasting, Shri M. Venkaiah Naidu at a meeting about proposed reforms for improving Ease of Doing Business in India, in New Delhi on December 19, 2016.
The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley and the Union Minister for Urban Development, Housing & Urban Poverty Alleviation and Information & Broadcasting, Shri M. Venkaiah Naidu at a meeting about proposed reforms for improving Ease of Doing Business in India, in New Delhi on December 19, 2016.

Harsh reality: India continues to be an underdeveloped country where the government does not have any respect for businesses or common citizens.

In the World Bank Doing Business 2017 report, India’s Ease of Doing Business rank is a poor 130 in the list of 190 countries.

It shows that the claims of the Indian politicians that India is a top economy in the world are false; mostly based on fake data.

The main reason for India’s poor performance on all fronts is the lack of knowledge among bureaucrats and ministers who head various government departments.

While in today’s cut-throat world, you need a full domain expertise to run even a small shop, Indian government departments are occupied by illiterate or naive bureaucrats and ministers who can’t speak or write even a single sentence properly.

You can know more about India in our Real Voter editorial section.

Business Climate

The Government of India in its efforts to improve the business climate of the country and also improve country’s ranking in the World Bank’s report on Ease of Doing Business held a meeting Monday under the chairmanship of the Union Finance Minister Arun Jaitley.

The major decisions taken during the meeting were:

1. eBiz portal shall be mandated for starting a business which shall include three services of Ministry of Corporate Affairs, Registration for PAN and TAN and also for EPFO & ESIC.

2. Ministry of Corporate Affairs, CBDT, Ministry of Labour & Employment will work towards reducing the number of procedures for starting a business to 4 and the number of days to start a business also to 4.

3. Shram Suvidha Portal shall be the only portal for filing returns, challan and making online payment for EPFO & ESIC contributions as well as other filings and payments.

4. Department of Revenue and Ministry of Shipping shall work towards increasing the number of direct delivery consignments to 40 percent by the end of this month. The Departments shall also ensure that the cost and time to export and import gets reduced substantially to bring India within top 50 ranks.

5. Ministry of Corporate Affairs shall work with the concerned stakeholders so that the provisions recently enabled under Insolvency and Bankruptcy Code are implemented through NCLT.

6. To further improve the country’s rank in the indicator ‘Getting Credit’, Department of Financial Services and Ministry of Corporate Affairs shall work towards integrating CERSAI database with ROC Registry of Charges to create a single registry of assets.

7. In the indicator ‘Enforcing Contracts’, the Union Commerce and Industry Minister mentioned that country ranks poorly at 172 on this indicator and efforts are required on many reforms to bring the country among the top 50 nations. The Minister also mentioned that the initiative of eCourts should be expedited for electronic filing of complaints, summons and payments especially in the Commercial Courts.

8. On ‘Construction Permit’, Secretary, Ministry of Urban Development mentioned that the procedures shall be brought down to 8 which will be completed within 60 days. However, the Finance Minister desired that the Department should explore the possibility of commencing the construction on architect’s certification and approval being granted only at the time of the occupancy of the building.

According to the government statement, the next review of the progress made on reforms shall be done in the end of January 2017 to ensure their implementation within the timeframe agreed upon.

Photo courtesy: Press Information Bureau

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Rakesh Raman