Modi’s big Ease of Doing Business push: These changes in customs duty on cards to help importers, exporters

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December 3, 2018 8:20 PM

On November 19, Narendra Modi, while addressing India Inc, said that key reforms that are needed to push India into top 50 of the Ease of Doing Business ranking should be aimed for completion by December end.

On November 19, the prime minister, while addressing India Inc, said that key reforms that are needed to push India into top 50 of the EODB ranking should be aimed for completion by December endOn November 19, the prime minister, while addressing India Inc, said that key reforms that are needed to push India into top 50 of the EODB ranking should be aimed for completion by December end

A few days after Prime Minister Narendra Modi set the target of breaking into top 50 of the World Bank’s Ease of Doing Business index by December end, the government is mulling changes in customs duty to help importers and exporters.

According to a report by ET Now, the government is looking to make several changes including the automated release of goods and doing away with face-to-face contact with customs officers and tax officials. These changes are likely to speed up the process of overseas trade.

On November 19, the prime minister, while addressing India Inc, said that key reforms that are needed to push India into top 50 of the EODB ranking should be aimed for completion by December end so that they can be taken by the World Bank for evaluation.

Narendra Modi said that it is necessary to reduce human intervention in processes and increase the use of modern and digital technologies. Continuing its huge success from 2017, India this year jumped 23 ranks to secure 77th rank on the Doing Business index. Last year, the country had leapfrogged 30 ranks to break into top 100 of the elite list for the first time.

This year, India’s efforts towards reducing time and cost of trade by the electronic sealing of containers, upgrading of port infrastructure, and submission of electronic documents with digital signature won big for the country during the evaluation of the rankings. With 23 rank jump, India also emerged highest ranked economy in South Asia.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

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