World Bank team visits India for Doing Business Report

World Bank apprised of steps taken by the government to improve the regulatory situation for businesses in the country

Though India ranks 142 of 189 countries in the ease of doing business listing, PM Narendra Modi had set a target of bringing the country in the top-50

A team of World Bank officials are in India to assess and collect data for their annual Doing Business Report for 2016.

Members of the team — Nadine Abi Chakra and Baria Nabil Daye — met officials from the ministries of finance, commerce and industry, corporate affairs and representatives of Central Board of Direct Taxes.

During the meeting, the World Bank was apprised of the steps taken by the government to improve the regulatory situation for businesses in the country. Some of these are removal of the requirement of minimum paid-up capital for companies, removal of requirement of a common seal for companies, elimination of requirement of filing declaration of commencement for companies, single-step incorporation of companies, facilitation of loans or guarantee to fully owned subsidiary company and setting up of customs clearance facilitation committees at ports to facilitate expeditious clearance of goods, among others.

Though India ranks 142nd out of 189 countries in the ease of doing business listing, Prime Minister Narendra Modi had set a target of bringing the country in the top-50 in the next couple of years and in the top-30 in three years.