At most industry events, a common grouse is that India is a difficult place to do business in. The overall ‘Ease of Doing Business’ rank of India, out of 185 economies, is 132. In that report of The World Bank, doing business (DB) is analysed under various topics; India’s ranks are the most dismal in enforcing contracts (184), dealing with construction permits (182), and starting a business (173).Commenting on ‘ease of doing business’ in India, Dr E. M. Sudarsana Natchiappan, Union Minister of State for Commerce and Industry, shared with YourStory that the Government is making the company law and also all the related regulations very friendly towards the corporate sector, so that people are encouraged to complete the registration of the company quickly, and regulation is only self-regulation. Listen in.
Gradually, the government is going away from being the regulating authority. We are appointing independent regulating authorities to make the companies work in a better atmosphere. We are following the examples of the European and American systems. And, in no way, are we creating any barrier to business, and we are making it very simple.
The Ministry of Commerce and Industry is going to come with a system of e-business by which you can get a clearance from more than 18 departments by sitting across a laptop or desktop. Therefore, we are making everything easy, so the business people need not worry about the rules and regulations. The simplified regulations will help them, and the environment will be totally changed.
It is welcome that every state competes with other states to bring more funds, more investment, not only from the domestic investors but also the international investors. It is a good thing for the states to compete with one another. Central government is helping them to compete further in a healthy way.