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India seeks better ranking on World Bank's 'ease of biz' list

PTI 10 Jun 2015, 12:15:33 IST
PTI

New Delhi: Pitching for a better ranking on ease of doing business for India, government officials on Tuesday apprised the World Bank about various reform measures taken in the past one year including relaxation in company laws.

A two member mission of the World Bank Group is on a two day-visit to India to collect data and information for Doing Business Report, 2016. The members are Nadine Abi-Chakra and Baria Nabil Daye.

India ranked 142 among 189 nations in World Bank's Ease of Doing Business 2015 report.

A kick start meeting on this issue was held yesterday in Department of Economic Affairs (DEA) under the chairmanship of Additional Secretary Ajay Tyagi.

As per a statement issued by the Commerce Ministry, Tyagi impressed upon the importance given by the government to improve regulatory environment across India.

"The Mission appreciated the efforts made by the government and promised to take note of initiatives taken by Government of India and State Government," the statement said.

The visiting delegation was informed about the various reforms undertaken by the government.

These reforms include, single step incorporation of companies through INC-29 Form, loans or guarantee to fully owned subsidiary company facilitated and process to approve related party transaction made simpler.

Steps have been also taken to ease movement of export and import goods through Customs.

The government is keen to improve ease of doing business in the country to attract foreign funds as well as spur domestic investments.

The Department of Industrial Policy and Promotion has started the process to rank states in terms of ease of doing business, a move aimed at triggering competition among states to attract investment.