What is behind India's 30 step jump in ease of doing business- What does it means to Indians?
The theme is extremely pivotal in the present context where it was eulogized by the World Bank on the reforms implemented by the Government of India to improve the atmosphere for the hassle-free Business growth and development in the country. The most contradicting and incredible to believe is that India has improved its image in the Business sector.
The Narendra Modi after taking oath has the Prime Minister to this country he exuded full confidence in bringing de novo atmosphere in to the country. The rank of the India in ease of doing business report stands at 144th among other countries in his first term. The Government pursued several ways and means in this regard to improve the position of the country. In this regard he brought several measures such as Minimum Government and Maximum Governance, Digitalization of all Government departments etc persuaded by the Government to make it has hassle-free environment. The Government on the other side tie-up with the World bank to improve the situation for rapid growth and development business in the country. The Government of India constituted a committee under T.S.R. Subramanian to report the outmoded laws and regulations that are hindering the progress the country. The various committees gave interim report to the Government of India for disbanding the outmoded rules and regulations that are creating panic among investors. The Government swing into action by repealing the rules and regulations that are unwarranted. The Government of India had invigorated hassle-free environment for business by introducing online portal such has E-BIZ for getting speedy permissions and tracking the investments , files etc. The Government of India entitled the local municipals and current department to improved the availability of electricity and water to the industries . The another problem is acquisition of land for industries is also become an important problem so for this Government had assured to the farmers by bringing an act in favor of them.
The another side RBI also in response to the business environment in the market it improved the availability of credit to the business .The Government of India brought Insolvency and Bankruptcy code bill for the companies those who are defaulted by the Banks and also it brought Labour reforms bill in the country in view of vast population.
India improved its ranking in ease of doing business from 140th to 100th place in the World Bank report. This spectacular achievement will have tremendous impact on the India in foreign countries. This position will pave the way for International credit rating agencies such has Moodys,Goldman sachs etc will provide positive ratings to us. These measures will help to integrate with the Globalization speedily so that it will generate lot of employment and business. The NITI AAYOG taking the spirit and success of the World Bank has decided to rank the states according to there performance. This will improve the states to implement the reforms in administration and also strengthen the transparency in the system.
The jumping of India in ease of doing business will exposes the effective systems that are incorporated for growth and development of the Business in the country .These will help to build World class infrastructure in our country and hope the best to all sectors of the economy.
-B.Dwarakanadha Reddy
