Better rankings this year? Opening a business just 5 steps away now: India tells World Bank

India told World Bank opening a business in the country has become easy and there are only five processes involved now. Earlier, there were 14 steps to start a new business in India.

India is looking to improve its rankings on World Bank’s ease of doing business index as last year it just moved one rank up.

ET reported India told World Bank only five procedures were required now. In the 2017 report, India was ranked 155 among 190 countries on 'Starting a Business' parameter - one of 10 factors on which the World Bank ranks countries on the ease of doing business.

The five points of ease that India stated were-1. Five procedures, including obtaining DIN, PAN and TAN merged; 2. Processes for employee provident fund online; 3. Removal of company seal as well as digital signature requirement; 4. Bank accounts not required mandatorily for any forms; 5. No more inspection under the Shops and Establishment Act.

Also, the entire cost of incorporating a firm reduced from Rs 5,293 in 2016 to Rs 3,860 this year.

The Department of Industrial Policy and Promotion had also given a detailed reply regarding some of the reforms for enforcing contracts which have not been acknowledged in the previous studies of the World Bank.