India is expecting improvement in its ranking in the World Bank's doing business report this year particularly in indicators such as paying taxes and trading across borders, a top official said Wednesday.
India is expecting improvement in its ranking in the World Bank’s doing business report this year particularly in indicators such as paying taxes and trading across borders, a top official said Wednesday. An official delegation including secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Ramesh Abhishek, apprised a World Bank team in Washington of reform measures taken by the government in easing the business process.
“Once again, we presented our doing biz reforms to the World Bank Team in Washington DC for further improvement of India’s rank in World Bank Doing business report. “We hope to further improve our rank in World Bank Doing Business report this year, especially in indicators of paying taxes, insolvency resolution, trading across borders, issue of building permits and starting a business,” Abhishek said in a tweet. In its annual Doing Business report, the World Bank ranks nations based on 10 parameters relating to starting and doing business in a country.
These parameters include ease of starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts and resolving insolvency. The next report is expected to be released in October 2019. India improved its ranking by 23 places to the 77th position in the 2018 report. The government’s initiatives such as relaxed norms for company incorporation and removing the requirement of a bank account for GST registration may help India further improve its ranking.
Other steps, which the government has taken, include clubbing of several forms into one; elimination of fee for incorporation of companies where authorised capital is up to Rs 15 lakh, removal of company seal or rubber stamp and combined registration for EPFO (Employees’ Provident Fund Organisation) and Employees’ State Insurance Corporation (ESIC). India is aiming to improve its ranking to the top 50th in the coming years. Improving ranking helps a country to provide a better investment climate for investors.