Seeking improvement in India's ranking in the ease of doing business index, government officials today gave a detailed presentation to a World Bank team on the steps being taken to improve the country's business climate.
Officials from ministries including finance, commerce and industry and law informed about the reform measures which have been taken during June 2015 to May this year.
These initiatives are likely to be taken on board by the World Bank, which will come out with its ease of doing business report on October 25, an official said.
The World Bank team, which is on a two-week mission to the country, will also visit Mumbai during July 25 to 31 and interact with different stakeholders.
According to a Finance Ministry statement, the Doing Business team of the World Bank Group is interacting with various stakeholders and to validate data for the upcoming Doing Business Report, 2017.
The ministry officials informed that India accords highest priority to the improvement in the ease of doing business in the country.
"The government has undertaken various reforms to bring improvements in legislative and administrative structures and to improve India's environment for doing business," it said.
Government has also partnered with all states to improve regulatory environment pan-India and beyond indicators of Doing Business Report.
"The Insolvency and Bankruptcy Code has been notified which creates a framework for resolving insolvency in the country," it added.
The team was urged to note the initiatives of the government in the upcoming report.
"The Additional Secretary (Investment) requested the team that while validating the data from the private sector respondents, if the information is found at variance with the information shared by the government Departments, the team may cross check the information for factual accuracy with government departments concerned," the statement said.
The team also met the representatives from different central ministries and departments during the day and propose to meet the Departments in the NCT of Delhi and Government of Maharashtra.
It will also interact with the private sector respondents for a feedback on the reforms implemented in the areas of doing business.
India's rank in the Doing Business Report 2016 was improved to 130th from 134th in the previous year. Government has emphasised on the importance of ease of doing business and it is a major pillar of 'Make in India' initiative.
The World Bank team would again meet the officials of the
Department of Industrial Policy and Promotion (DIPP) on August 1 to give their feedback.
The World Bank carries out this exercise every year for the purpose of ranking countries on their ease of doing business, from 1-189.
The steps taken by the centre and the states in the recent past include increasing validity of environment clearance from 5 years to 7 years; doing away with environment clearance for 36 white industries and introduction of online registration of VAT with real-time Tax Identification Number (TIN).
Besides, Mumbai has also removed the requirement of inspection to make registration of Shops and Establishments real-time.
Improving the position in ease of doing business reflects investor friendly climate and easy regulatory environment for domestic and foreign firms. High ranking helps in attracting investments.
The Doing Business Report of the World Bank ranks a country on 10 parameters that assess areas such as starting a business, construction permits, getting electricity and conducting trade across borders.
