Home  |  Advertise  |  Contact Us
9:12 am - Tuesday January 23, 2018

Business Ease

India has made a high jump of 30 ranks to move from 130 to 100 rank among the 190 nation assessment by the World Bank for ease of doing business. It is a giant leap in one year time proving that it in really among the fastest growing economy in the world.

It scored in 8 out of 10 parameters fixed for determination of position. Indian business environment improved at the fifth fastest pace in the world on past 12 months.

The judging 10 criteria are (1) starting business; (2) dealing with construction permits; (3) Getting electricity; (4) Registration of property; (5) getting credit; (6) Protection to minority investors; (6) Paying taxes; (8) trading across borders (import-export); (9) Enforcing contracts and (10) Resolving insolvency.

After Independence till the regime of Prime Minister Mr.P.V. Narasimha Rao it never had been easy to do business in India. For a long time full emphasis was on nationalization of airlines, coal mines, banks and setting up public sector undertakings etc.

Mr.Narasimha Rao and his Union Finance Minister Mr.Manmohan Singh turned the table and reverted back to private sector, disinvestment in public sector units. The Modi Government adopted the policy of open foreign direct investment.

For a long time red tape working in Government and extra ordinary delay in approving an industrial venture and bribe at every point hindered the progress and development.

Now India has a role to play in Asia in all the sectors like defence, general economy, imports-exports. A well planned exercise helped India to achieve this goal on the short time of one year.

It switched over to push reforms upto municipal level, introduction of single window online clearance with deemed approvals, ensuring timely changes with information, feedback from industry.

Reactions to the World Bank report on ranking the Prime Minister Mr.Narendra Modi said India is the only country in South East and in BRICS economies to features among most improved economies.

The Union Finance Minister Mr.Arun Jaitley hailing the report said this ranking will get further improvement and India is eying to be in the top 50 nations in the category of ease to doing business.

The cut of date for the World Bank assessment was June 1, and India implemented GST by July 1. The next year 16th ranking report India is all set to make another high jump in the world economy. With this India will get boost in foreign direct investment.

The Government is working fast on creating more potential and spread out basic infrastructure for industrial development. India now should see stability in agriculture in production and marketing.

It must stand on its own feet and must not depend on Government all time to deal with agro problem with relief and monetary support. India needs investment in agro fertilizer, pesticide chemicals and food producing.

Posted in: Editorial

You might like:

Jos Buttler hundred hands England ODI series victory Jos Buttler hundred hands England ODI series victory
India lose 1-2 to Belgium in final encounter India lose 1-2 to Belgium in final encounter
Everyone loves Neymar, says Real coach Zidane Everyone loves Neymar, says Real coach Zidane
A big honour for ‘PadMan’ courtesy Twinkle Khanna! A big honour for ‘PadMan’ courtesy Twinkle Khanna!