Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

India jumped 14 places to the 63rd position on the World Bank's <keyword id="6354423" type="DEFINITION" weightage="20" keywordseo="Ease-of-Doing-Business">ease of doing business</keyword> ranking released on Thursday, riding high on the government's flagship 'Make in India' scheme and other reforms attracting foreign investment. The country also figured among the the top 10 performers on the list for the third time in a row. The rankings come at a time when the Reserve Bank of India (RBI), World Bank, International Monetary Fund (IMF) and various rating agencies have slashed the country's growth forecasts amid a slowdown in the global economy. India was ranked 142nd among 190 nations when Prime Minister Narendra Modi took office in 2014. Four years of reform pushed up India's rank to 100th in World Bank's 'Doing Business' 2018 report. It was 130th in 2017 when it was ranked lower than Iran and Uganda. Last year, the country jumped 23 places to the 77th position on the back of reforms related to insolvency, taxation and other areas. In its 'Doing Business' 2020 report, the World Bank commended the reform efforts undertaken by the country "given the size of India's economy". "This is the third year in a row that India makes to top 10 in Doing Business, which is a success which very few countries have done over the 20 years of the project, Without exception, the other countries that have done this are very small, population-wise, and homogeneous," Simeon Djankov, Director of Development Economics at the World bank told PTI in an interview. "India is the first country of its type to achieve that. It has jumped this year by 14 position," he said. Apart from India, the other countries on this year's 'top 10 performers' list are Saudi Arabia (62), Jordan (75), Togo (97), Bahrain (43), Tajikistan (106), Pakistan (108), Kuwait (83), China (31) and Nigeria (131). Prime Minister Modi's 'Make in India' campaign focused on attracting foreign investment, boosting the private sector — manufacturing in particular — and enhancing the country's overall competitiveness, the World Bank said in its report. The government turned to the Doing Business indicators to show investors India's commitment to reform and to demonstrate tangible progress. In 2015, the government's goal was to join the 50 top economies on the ease of doing business ranking by 2020. While the competition to move up the ladder would increase and become much tougher, India is on track to be within top 50 of the Ease of Doing business in the next year or two, Djankov told PTI in response to a question. And to come under 25 or below 50, the Modi government needs to announce and start implementing next set of ambitious reforms now, as these reforms takes a few years to be realized on the ground, he said. "The administration's reform efforts targeted all of the areas measured by Doing Business, with a focus on paying taxes, trading across borders, and resolving insolvency. The country has made a substantial leap upward, raising its ease of doing business ranking from 130 in Doing Business 2016 to 63 in Doing Business 2020,” the report said. One of the main reasons for improvement in India's ranking this year goes to the successful implementation of the Insolvency And Bankruptcy Code, the World Bank official said. "Before the implementation of the reform, it was very burdensome for secured creditors to seize companies in default of their loans," the report said. "Since its implementation, more than 2,000 companies have used the new law. Of these, about 470 have commenced liquidation and more than 120 have approved reorganization plans, with the remaining cases still pending," it added. In the past, foreclosure was the most common procedure reported by legal practitioners in both Delhi and Mumbai under the case study assumptions measured by the resolving insolvency indicator set, with an approximate duration of 4.3 years, the report said. "Reorganization has become the most likely procedure for viable companies as measured by Doing Business, increasing the overall recovery rate from 27 to 72 cents on the dollar," the bank said. In addition to resolving insolvency, significant improvements were registered in starting business, dealing with construction permits and trading across borders, the report said. "India made starting a business easier by abolishing filing fees for the SPICe (Simplified Proforma for Incorporating a Company Electronically) company incorporation form, electronic memorandum of association, and articles of association," it said. Delhi streamlined the process, reduced the time and cost of obtaining construction permits, and improved building quality control by strengthening professional certification requirements. Mumbai streamlined the process of obtaining a building permit and made it faster and less expensive to get a construction permit. India made trading across borders easier by enabling post clearance audits, integrating trade stakeholders in a single electronic platform, upgrading port infrastructures, and enhancing the electronic submission of documents, the report said. New Zealand, Singapore and Hong Kong topped the list this year. PTI LKJ CK 10240736 NNNN

Narendra Modi will use the jump in India's ease of doing business ranking to shut up his critics

The Indian government is ready to woo <a href="http://www.businessinsider.in/searchresult.cms?query=world+bank&amp;sortorder=effectivedate">World Bank</a> officials in a bid to improve its rankings on <a href="http://www.businessinsider.in/searchresult.cms?query=ease+of+doing+business&amp;sortorder=effectivedate">ease of doing business index</a>, a report that will be released in October. 
 <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword> officials will meet people from <a href="http://www.businessinsider.in/searchresult.cms?query=DIPP&amp;sortorder=effectivedate">Department of Industrial Policy &amp; Promotion</a> (<keyword id="6391107" type="ORGANIZATION" weightage="20" keywordseo="DIPP">DIPP</keyword>), which will present a data on significant improvements made across 14 parameters on which the ranking is decided. 
 
India, which is presently at 130th rank out of 184 nations, will present data on various sectors such as enforcing contracts, resolving insolvency and starting a business, in which India ranked poorly last year. 
 
World Bank researchers will spend two weeks in Delhi and Mumbai and speak with actual users and stakeholders to get the on-ground reality. 
 
"<a href="http://www.businessinsider.in/searchresult.cms?query=prime+minister+narendra+modi&amp;sortorder=effectivedate">Prime Minister Narendra Modi</a> has given us a mandate that we have to be in the top 50 in the next three years. Dismantling the complex procedures has been a mammoth task. If it was easy it would have been done long time back," DIPP secretary Ramesh Abhishek told ET. 
 
DIPP is targeting areas like <a href="http://www.businessinsider.in/searchresult.cms?query=starting+a+business&amp;sortorder=effectivedate">starting businesses</a>, insolvency procedures, construction permits, ease of trading across borders and electricity connections specifically as there have been said complexities for decades. 
 Meanwhile, India's own ranking of states has improved <keyword id="6354423" type="UNKNOWN" weightage="20" keywordseo="Ease-of-Doing-Business">ease of doing business</keyword> across India. "States know they need investments to create jobs, infrastructure, for which they need to provide a business-friendly environment," Abhishek told ET, adding “the Centre is just trying to facilitate these reforms." 
 
Jaijit Bhattacharya, partner, government services and infrastructure, KPMG India, told ET, “The change is happening in all the states. Given the state we are in, we have an enormous amount of work still to do."

India will try to impress World Bank to move up in ease of doing business ranking. Here’s how

The state-wise report of <a href="http://www.businessinsider.in/searchresult.cms?query=ease+of+doing+business">ease of doing business</a> is out. <a href="http://www.businessinsider.in/searchresult.cms?query=Gujarat">Gujarat</a> is the most <a href="http://www.businessinsider.in/searchresult.cms?query=indian+states+investment">investment-friendly destination</a>, followed by Andhra Pradesh, Jharkhand, Chhattisgarh, Madhya Pradesh and Rajasthan. 
 
As per a state-wise report released by the government and <a href="http://www.businessinsider.in/searchresult.cms?query=world+bank">World Bank</a> on ease of doing business, <keyword id="6354766" type="COMPANY" weightage="20" keywordseo="Gujarat">Gujarat</keyword> topped with a score of 71.14%. 
 
Andhra Pradesh came at second with 70.12%, Jharkhand at 63.09%, Chhattisgarh fourth with 62.45% and Madhya Pradesh is fifth with 62.00% score. 
 
The states were assessed on the basis of eight areas like setting up a business, allotment of land and obtaining construction permit, complying with environment procedures, complying with labour regulations, obtaining infrastructure related utilities, registering and complying with tax procedures, carrying out inspections and enforcing contracts. 
 
The report stated that the states made good progress in terms of tax reforms. 
 
“General tax reform includes mandating e-registration for VAT and CST; allowing online payment and returns filing of various State taxes; providing e-filing support through service centres and helplines; and risk-based tax compliance inspections," the report revealed. 
 
All 29 states allow <a href="http://www.businessinsider.in/searchresult.cms?query=VAT">VAT</a> to be paid online, and 28 states allow CST to be paid online. “30 States allow e-filing of VAT, 27 States allow e-filing of CST. 21 States have established helplines for users. 25 States have defined timelines for VAT registration, and 21 have defined timelines for CST registration,” the report observed. 
 
(Image: thinkstock)

Gujarat is going to be richer! Tops the ease of doing business list

Amidst the lingering uncertainty in the world involving the slowdown of China’s massive economy, default by Greece in repayment of its debt to the International Monetary Fund (IMF) and a steep fall in global oil prices, India’s growth trajectory stays intact. 
 
Against the backdrop of such a global volatile economy, the Union Budget 2016 is eagerly awaited with a host of expectations both in India and internationally. With the GDP growth projections on the rise and India being viewed as the next growth giant, the Finance Minister Arun Jaitley should focus on introducing reforms that can propel economic growth in India. 
 
Tax, one of the key components of the economic policy needs to be proactively geared towards boosting our economic growth. While the Goods and Services Tax (GST) is still in the pipeline with industry keenly awaiting its enactment, there are several other factors that warrant a closer look. 
 
Balancing it out 
 The announcement by the FM in the last Budget to reduce the corporate tax rate from 30% to 25% over the next four years was certainly good news. According to the Central Board of Direct Taxes (<keyword id="128665" type="ORGANIZATION" weightage="20" keywordseo="CBDT">CBDT</keyword>), such a reduction in tax rate will be balanced by discontinuance of various kinds of prevailing deductions and exemptions latest by 31 March 2017. Such phase out of deductions and exemptions may adversely impact various industries/sectors that have long gestation periods or have recently commenced their operations in anticipation of tax benefits. 
 
Pushing it for Modi’s grand plans 
 
Further, it will be worthwhile to watch how the proposed withdrawal of exemptions/deductions shall sync with government initiatives such as Make in India, Digital India, Smart Cities and Start-Up India, Stand-Up India. Given the current economic scenario and the thrust required to achieve the underlying goals behind the aforesaid initiatives, the phasing out of the exemptions/deductions should be effectively planned and applied in a selective manner over the span of a few years considering the sensitivity of various industries. 
 
Minimum Alternate Tax (MAT), which was introduced to neutralise the impact of tax incentives, should also be reconsidered on such phase out of tax incentives. Abolition of MAT for Special Economic Zones (SEZ) developers has already been on the wish list for long. 
 
Clarity in <keyword id="42437" type="UNKNOWN" weightage="20" keywordseo="poem">POEM</keyword> 
 
The Finance Act, 2015 included the concept of Place of Effective Management (POEM) to determine the residential status of companies. POEM is likely to have far reaching consequences on foreign companies as well as several other stakeholders. While the government has recently issued draft guiding principles for consideration and comments by the public, it is imperative that the final guidelines be carefully calibrated to help ensure that POEM is indeed an anti-avoidance rule and does not trap genuine transactions in its ambit. India is keen to adopt the Base Erosion and Profit Shifting (BEPS) guidelines along with its global players. These have to be implemented cautiously, especially the compliance requirements to determine that they do not add to the administrative burden. 
 
Push Ease of Doing of Business 
 While the ‘<keyword id="6354423" type="UNKNOWN" weightage="20" keywordseo="Ease-of-Doing-Business">Ease of Doing Business</keyword>’ initiative is targeting policy-related bottlenecks, they may soon be replaced by infrastructure bottlenecks. Infrastructure development is critical for success of various policy initiatives and there is an increasing need for investment in the infrastructure sector through investment linked deductions/incentives. 
 
There has been considerable ambiguity on the taxation of consortiums formed by non-residents to execute infrastructure contracts in India. Revenue Authorities are taxing such non-residents as Association of Persons (AOP) at the withholding tax/assessment procedure stage. Further, there are various tax complexities associated with assessments of AOP, including double taxation of non-residents in India as well as their country of residence. This causes hindrances to the industry and also results in pessimism with regards to the uncertain tax environment in India. A clarity on the tax treatment in this regard is indispensable for encouraging such non-resident contractors to undertake investment in India. 
 
Reduce <keyword id="375780" type="ORGANIZATION" weightage="20" keywordseo="DDT">DDT</keyword> 
 
Currently, Dividend Distribution Tax (DDT) is being levied at the rate of 15% (effective rate of 20%) on the dividend distribution by domestic companies. Such an effective rate is much higher as compared to the tax deduction rate of 10% on dividend in many Indian and international tax treaties. This has significantly reduced the tax distribution capacity of such domestic companies and has adversely impacted non-resident shareholders due to ambiguity with respect to its credit in the overseas jurisdiction. Structural reforms may be expected in the DDT regime to allow availability of credit for such taxes under the Double Tax Avoidance Agreements (DTAA). 
 
India is considered to have one of the most litigious tax regimes across the world. Though the government has been actively addressing this issue, a lot still needs to be done at the ground level to improve industry sentiment, especially in respect of international transactions. 
 
The article has been authored by Ravi Shingari, partner, Tax at KPMG India. The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG in India.

Direct taxes: That’s a long wishlist for the Modi Govt to fulfill in Budget 2016

Among 30 developing countries, India now ranks at Number 2 position in <a href="http://www.businessinsider.in/searchresult.cms?query=ease+of+doing+business&amp;sortorder=effectivedate">ease of doing business</a> index. 
 As per a study, ‘2016 <keyword id="451693" type="ORGANIZATION" weightage="20" keywordseo="Global-Retail-Development-Index">Global Retail Development Index</keyword> (GRDI)’, which ranks top 30 developing countries for <a href="http://www.businessinsider.in/searchresult.cms?query=retail+investment&amp;sortorder=effectivedate">retail investment</a> worldwide, India jumped 13 places up at number two post. 
 
The study, which is topped by China, also took <a href="http://www.businessinsider.in/searchresult.cms?query=GDP&amp;sortorder=effectivedate">GDP</a> growth and better clarity regarding <a href="http://www.businessinsider.in/searchresult.cms?query=FDI&amp;sortorder=effectivedate">FDI</a> regulations into considerations and these have helped India achieve a second ranking. 
 "India's strong ranking reflects foreigner retailers' increased optimism in its retail market and its vast growth potential. India has relaxed several key Foreign Direct Investment (<keyword id="44528" type="ORGANIZATION" weightage="20" keywordseo="FDI">FDI</keyword>) regulations in single-brand retail and this has paved the way for multinational firms to enter the market," said Debashish Mukherjee, a partner with A T Kearney and co-head of the Consumer Industries &amp; Retail Products Practice for India and Southeast Asia. 
 
According to A T Kearney, a London-based business consultancy, India's retail sector has expanded at a compound annual growth rate of 8.8 per cent between 2013 and 2015, with annual sales crossing the USD 1 trillion mark. 
 
India has also become the world's fastest growing economy. That coupled with a large population base and the easing of FDI regulations in the sector has made it an even more attractive market, it said in the ranking. 
 
"We expect to see e-commerce to propel India's growth and make it a more attractive proposition. However, there are some challenges as well. India remains a challenging and complex market for foreign retailers, where understanding dynamics at the state level is important," Mukherjee said. 
 
(Image: Thinkstock)

India is now Number 2 in ease of doing business index

All eyes are on the government when we say taxes. After all, both tax experts and the Indian corporate sector is betting big on the NaMo government to bring in more clarity regarding the Goods and Services Tax (<keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword>). And while everyone has been chanting GST since the past couple of years, no one has ever really wondered the impact of GST in general. BI India took the pain to understand and figure out what GST would really mean for the Indian economy as a whole. 
	 
	Reduced tax burden 
	 
	We have heard this one before. Currently, under the Indian tax structure, a company has to pay multiple taxes in form of excise and service tax to the center and VAT to the state governments respectively. Also, a company has to shell out a lot as a part of different state level taxes apart from the VAT, which results in the tax costs for a business going up by multifold. 
	 
	However, under the GST, the cascading impact of these multiple taxes is expected to be eliminated. This means, under the GST, only a single tax would be levied on all transactions of single value. 
	 
	“Also, full set-off of tax paid on all procurements is expected to be made available under GST, including the tax paid on interstate procurements. Thus there would be no tax cost in the value chain and the tax burden on the final sale would be borne by the end customer,” said Santosh Dalvi, partner, Indirect Taxes at KPMG India. 
	 
	Level playing field 
	 
	At present, there is a silent rate-war going on between the states. The autonomy exercised by the states in deciding certain taxes is a crucial factor in deciding the fate of the economy of the state. Many states attract industries by offering them complete or partial exemptions from the taxes. This is expected to be removed under the GST, thus offering a leveled playing field for the companies. 
	 
	“Under GST, all these anomalies would be overcome. The ideal GST is expected to have a uniform rate for the same goods across the states, thereby averting the rate war…Also, with the interstate transactions being brought at the same level as that of intrastate transactions, there would be no difference from a tax perspective of buying within state or from outside the state,” added Dalvi. 
	 
	It is also being expected that under GST, the tax exemptions and incentives would be modified, thus giving a uniformed platform for industries to set up businesses across states. 
	 
	Preps for <keyword id="6354423" type="UNKNOWN" weightage="20" keywordseo="Ease-of-Doing-Business">ease of doing business</keyword> 
	 
	With a uniformed tax structure under GST, everyone expects India to climb up the Ease of Doing Business ladder quickly. The reduced tax on the manufacturing and procurements will help reduce the price for exports and make Indian goods more competitive in the world market. “…It will help reduce compliance cost and reduce the time taken at present to refunds. This will thus, have an overall favourable impact for the exporters in terms of working capital and compliance, which could indirectly help in boosting exports,” he noted. 
	 
	Also, uniformity in tax rates and procedures across the country will give the much needed confidence to foreign firms that are looking at investing in India.

Budget 2016: Here’s what GST will do for the Indian economy

India, historically eyed by the colonialists as the ’golden goose’ is all set to spread its wings and soar high. India’s rank rose to 130 from 134 in the World Bank’s <keyword id="6354423" type="UNKNOWN" weightage="20" keywordseo="Ease-of-Doing-Business">Ease of Doing Business</keyword> Rankings 2016 and the current government harbours the ambition to place India among the top 50 countries in the next three years. But do foreign investors share the bullish sentiment which is being reinforced by the government through a plethora of big ticket reforms and leading initiatives. Probably yes; however, the underlying fear of a complex and unpredictable tax regime lingers on, deterring many potential investors even now. 
	 
	Woes of the Indian tax system 
	 
	Undoubtedly, India has a complex tax regime with an interplay of direct taxes interlaced with various tax holidays and exemptions, multiple indirect taxes at the central and state level, complex transfer pricing regulations and finally, a long drawn tax litigation process. 
	 Adding to this, the Indian Revenue authorities in the recent past executed unreasonable and arbitrary acts shaking investors’ trust and confidence. These included imposing of Minimum Alternate Tax (<keyword id="73398" type="ORGANIZATION" weightage="20" keywordseo="MAT">MAT</keyword>) on SEZ units and developers; ushering a series of retrospective amendments in tax laws to tax indirect transfer of shares and others resulting in widening the tax base, arbitrary action by transfer pricing officers alleging share premium as income; imposition of MAT on Foreign Portfolio Investors, etc. 
	 
	On the dispute resolution front, unduly long duration and pendency of cases, inconsistent stands adopted by tax tribunals and the Authority for Advance Rulings (AAR), etc. have only added to the exasperation and confusion of the taxpayers. 
	 
	Is India the only one 
	 
	It is not fair though to single out India as the only complex and aggressive tax jurisdiction. Even developed countries, like the U.S., have an inherently complex tax legislation involving a myriad of federal and state specific legislations. In the Asia-Pacific region, China and Indonesia are other tax regimes which are riddled with complexity and unpredictability. Further, throughout the Asia-Pacific region (China, Australia, Indonesia, Philippines, Japan), tax authorities practice frequent and rigorous tax audits. While countries like New Zealand, Singapore and Hong Kong come across as simple and stable jurisdictions, growing economies in an attempt to increase their tax revenues often earn the reputation of being aggressive and unpredictable. 
	 
	Speaking of India, it is the need of the hour to have a simple, stable and predictable tax regime. Borrowing leading practices from other jurisdictions such as having an effective tax audit process, reducing the scope for interpretation and discretion, mediation process, close tax compliance monitoring of large taxpayers, etc. may be studied and imbibed in the Indian context. 
	 
	Reinstating investor confidence: Steps in the right direction 
	 With an aim to create a favourable ecosystem for businesses and to encourage foreign investment, the government has launched various initiatives such as ‘<keyword id="6354869" type="UNKNOWN" weightage="20" keywordseo="make-in-India">Make in India</keyword>’, ‘Ease of Doing Business’, ‘Start-Up India, Stand-Up India’, ‘<keyword id="1929810" type="UNKNOWN" weightage="20" keywordseo="Digital-India">Digital India</keyword>’, etc. 
	 
	From a tax standpoint, various steps have been taken to restore investor confidence and build transparency in the system. Providing clarity on indirect transfer of shares by making necessary amendments in the law, accepting the recommendations put forth by the AP Shah Committee and issuing necessary clarifications regarding inapplicability of MAT on FIIs, favourable High Court decisions on transfer pricing cases involving taxation of share premium, setting up of the Easwar Committee to provide recommendations for simplification of the Indian Income Tax law and keenness to implement GST towards having a uniform indirect tax regime, are some of the many steps in the right direction to build a friendly business and tax environment. Also, the consultative process adopted for drafting of legislations/regulations such as ICDS, POEM and GST, by inviting comments from the public and industry associations, can help instill transparency. 
	 
	On the litigation front, announcements of two additional benches of the AAR in Delhi and Mumbai and an increase in the number of Dispute Resolution Panel (DRP) benches are welcome changes. The recently introduced Advance Pricing Arrangements (APAs), which are expected to bring down transfer pricing litigation significantly, has already gained popularity with over 20 APAs and 3 bilateral APAs already concluded thus far. The target is to close around 50 APAs by the end of March 2016. 
	 
	The Finance Secretary recently alluded that the upcoming Budget would focus on rationalisation of tax exemptions. Reduction in the corporate tax rate from 30 to 25 per cent is in line with the general downtrend in headline tax rates by countries and shall aid in achieving global competitiveness. He also indicated that the budget would come out with a scheme to reduce tax litigation and relax the penalty provisions, the arbitrary use of which is the cause of various litigations. 
	 
	The results and the way forward 
	 
	The above steps augur well to achieve tax rationalisation, stability and simplification and help ensure that the much needed foreign investment comes into the Indian economy. Significant investment commitments in infrastructure, defence, railways, etc. by various countries such as the U.S., China, Japan, etc. bear testimony to the fact that the perception of India as an investment destination is steadily improving. 
	 
	While the government has emphasised at various national and international fora that it intends to shed India’s image as an adversarial tax regime, a recent tax recovery notice from the department on the high profile indirect share transfer dispute currently sub- judice in international arbitration, comes as an unpleasant surprise. 
	 
	The government clearly needs to tread with caution and establish consistency in policy and action to help ensure that the efforts made so far bear fruits and that the country can soar higher. 
	 
	The article has been authored by Naveen Aggarwal, partner and head, North India at KPMG. The views and opinions expressed herein are those of the author and do not necessarily The represent the views and opinions of KPMG in India.

Budget 2016: Good news! World's upbeat about India's new tax structure

India improved its ranking in <a href="http://www.businessinsider.in/searchresult.cms?query=ease+of+doing+business" target="_BLANK￿￿￿￿">ease of doing business index</a> and jumped 12 ranks to 130th spot, the <a href="http://www.businessinsider.in/searchresult.cms?query=world+bank" target="_BLANK￿￿￿￿">World Bank</a> said it is not impossible for the country to be in the top 100. 
 <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword> Chief Economist and Senior Vice President Kaushik Basu said if India continues with its economic reforms, like the <a href="http://www.businessinsider.in/searchresult.cms?query=goods+and+services+tax" target="_BLANK￿￿￿￿">Goods and Services Tax</a>, and erases bureaucratic cost of doing business, it would not be impossible for India to rank in top 100. 
 
"There are countries which have moved 30-40 places at one go, but usually these are small countries. For a big economy like India, it is difficult, but from what we have seen thus far, it is not impossible," Basu. 
 
While Basu lauded the reforms in India and said India had a reasonably substantial movement in the first year itself, he felt the country has a long way to go. 
 
"There is a lot of serious interest in India to cut down bureaucratic costs of doing business for small and medium-sized firms. It is important however to recognise that this is just a start. There is still a long way to go," he said. 
 
So what are the areas where India needs improvement? 
1. According to Basu, India needs to trim transactions costs and the bureaucratic hurdles it places on individuals and small enterprises. 
2. The top economist said India required better infrastructure-roadways, railways and ports and the improvement, which has begun, should be continued. 
3. Basu says India needs inclusiveness as it is a diverse society and policies should be there so that all groups feel included. "In the World Bank's table of growth projections for major economies in the world India is topping the list for this the next year. Something similar is true of IMF projections. I do not think this has happened before. The <keyword id="6356076" type="UNKNOWN" weightage="20" keywordseo="indian-economy">Indian economy</keyword> has some deep strengths and must continue to build on them," he said. 
 
Basu also weighed on the importance of GST. 
 
"If, India can move so that by next year, after the budget, you have a GST in place, which can make a very big difference. It will not be a perfect GST to start with but it should be possible to make amendments and improve it over time," he said. 
 
(Image: Thinkstock)

Here’s why World Bank thinks India can make it in top 100 of ease of doing business index

India is taking baby steps towards <a href="http://www.businessinsider.in/searchresult.cms?query=ease+of+doing+business&amp;sortorder=effectivedate">ease of doing business</a> and one such move has been made by the customs department. 
 
The department is seeking single-window clearance for import of <a href="http://www.businessinsider.in/searchresult.cms?query=drones&amp;sortorder=effectivedate">drones</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=satellite+phones&amp;sortorder=effectivedate">satellite phones</a> and has asked <a href="http://www.businessinsider.in/searchresult.cms?query=telecom+department&amp;sortorder=effectivedate">telecom department</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=environment+ministry&amp;sortorder=effectivedate">environment ministry’s</a> assistance in this regard. 
 
This move will have less paperwork. 
 
"We are in talks with the department of telecom and ministry of environment to bring them on board to become part of the unified clearance mechanism," a senior government official told ET. 
 Presently, separate clearances are required from these ministries before importing such products, leading to delays and hampering plans of <keyword id="6362513" type="ORGANIZATION" weightage="20" keywordseo="Startups">startups</keyword> to offer drone technology for a number of services. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=startups&amp;sortorder=effectivedate">Startups</a> are using <keyword id="94769" type="UNKNOWN" weightage="20" keywordseo="drones">drones</keyword> for a number of purposes, including aerial photography, aerial surveillance, crop assessment and policing. 
 
It is noteworthy that single-clearance window has already been taken up by the Food Safety and Standards Authority of India, animal quarantine and plant quarantine, Drug Controller General of India and textiles ministry. 
 
Also, the customs ports will have a Facebook page where people would be able to file complaints, give feedback, and interact with officials in the department.

Importing drones is going to be easier soon

The department for promotion of industry and internal trade (<keyword id="19952901" type="General" weightage="20" keywordseo="DPIIT" source="keywords" meta.keywordsubtype="org" meta.entityname="DPIIT" meta.hostid="261" meta.entityid="DPIIT">DPIIT</keyword>) on Monday asked <keyword id="19957196" type="General" weightage="20" keywordseo="white-goods" source="keywords">white goods</keyword> manufacturers to participate in large numbers to avail fiscal benefits under the <keyword id="19952889" type="General" weightage="20" keywordseo="production-linked-incentive" source="keywords">production linked incentive</keyword> scheme for the sector as the response has been muted so far. Additional Secretary in the DPIIT Rajeev Singh Thakur said that the department has again reopened the application window for the PLI (production linked incentive) scheme for white goods (<keyword id="20360726" type="General" weightage="20" keywordseo="ACs" source="keywords">ACs</keyword> and LED lights). The application window is open from July 15 to October 12. "In the PLI in white goods scheme, somehow the response has been muted. ...Probably due to various reasons not sufficient response has come. So I request (the industry) to have a look and probably this time, you can consider (applying)," Thakur said at the CII Consumer Electronics and Durables Summit 2024 here. So far, 66 applicants with committed investment of Rs 6,962 crore have been selected as beneficiaries under the PLI scheme. The Union Cabinet had given approval for the PLI scheme for white goods for <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> of components and sub-assemblies of Air Conditioners (ACs) and LED lights on April 7, 2021. The scheme is to be implemented over a seven-year period, from 2021-22 to 2028-29, and has an outlay of Rs 6,238 crore. He added that the department can hold talks with the industry separately on issues like quality control orders and logistics. Thakur told the industry that the time is right to increase investments into the country as the government has enhanced its capex and taken steps to promote <keyword id="19996629" type="General" weightage="20" keywordseo="ease-of-doing-business" source="keywords">ease of doing business</keyword>. The public capex in the last 10 years is growing at a fast pace in areas like highways, expressway, ports, airports and railways, but the commensurate response of the private sector "somehow is not up to the expectation", he said. Earlier speaking at the event, DPIIT Secretary Amardeep Singh Bhatia said that a lot of steps have been taken to promote ease of doing business, cutting down compliance burden and decriminalisation of minor offences. The government has also recently approved 12 industrial townships and the industry can look at investing there. He added that capital availability is not an issue now and the government has also provided protection to the industry from predatory imports. Schemes like PLI and semiconductor mission have been rolled out to promote manufacturing and "now we want the industry" to ensure that they have necessary collaborations in place for technology and investments. The industry should do collaborations not only to target the domestic market but also become part of global value chains. "That is an expectation we are having from the entire industry and I think industry will rise to meet these expectations... We have a huge demographic dividend and the industry should take advantage of this otherwise we will miss it," Bhatia added. He also said that there is no paucity of adequate skilled labour in the country and logistics costs too are coming down. On logistics, he cited examples of Amazon and Flipkart selling goods in the remotest part of the country. "I don't think industry should look at the current domestic demand only for collaborations. They should look at the future and export market also in addition to the domestic market," he said, adding expenditure on research and development is "abysmally" low and that needs to be enhanced. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-october-2024/slidelist/113809612.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-october-2024/slidelist/113809612.cms" target="_blank">Upcoming cars launching in India in October 2024</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms" target="_blank">Upcoming smartphones launching in India in October 2024</a><a href="https://www.businessinsider.in/stock-market/news/krn-heat-exchanger-ipo-allotment-check-allotment-status-gmp-listing-date-and-more/articleshow/113801258.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/krn-heat-exchanger-ipo-allotment-check-allotment-status-gmp-listing-date-and-more/articleshow/113801258.cms" target="_blank">KRN Heat Exchanger IPO allotment – Check allotment status, GMP, listing date and more</a>

Govt asks white goods industry to apply for manufacturing sops in large numbers

<a href="http://www.businessinsider.in/searchresult.cms?query=Narendra+Modi&amp;sortorder=effectivedate">Indian Prime Minister Narendra Modi </a>wants to move up on the <a href="http://www.businessinsider.in/searchresult.cms?query=ease+of+doing+business&amp;sortorder=effectivedate">ease of doing business index</a> and is easing norms for the same. 
 
In the latest move, you will be able to start a business in India in just six days. At present, a new venture needs at least 26 days to start. In order to start a business as soon as possible, the government has also trimmed the number of procedures from 12 to only six. 
 
While you need to fulfill 12 procedures in Delhi, the number can go up to 14 in Mumbai. 
 
India still has a long way to go when compared to other countries. For instance, in New Zealand, you need just half a day to start a business, while in Singapore it takes about 2.5 days to start a company. In the US it takes about 5.6 days and in the United Kingdom it takes about 4.5 days. 
 
Out of the 190 countries in the list, India Ranks 130 overall in the <a href="http://www.businessinsider.in/searchresult.cms?query=world+bank+ease+of+doing+business&amp;sortorder=effectivedate">World Bank Ease of Doing Business Report</a> and ranks 155 in terms of starting a business. New Zealand and Singapore top the list. 
 "As per <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword> it takes 26 days to start a business in India. Our targis to bring it down to 6 days by the end of March. This is the kind of dramatic change we want to," Department of Industrial Policy and Promotion, Secretary, Ramesh Abhishek told EconomicTimes.com. 
 
So, if you want to give flight to your entrepreneurial dreams, you need to complete these 6 procedures: 
1. Incorporate a company using SPICe Form. 
2. Obtain PAN and TAN though a single integrated form. 
3. Register with EPFO and ESIC. 
4. Open a Bank account. 
5. Register with VAT and Profession Tax; online and real time. 
6. Register with Shops and Establishment Act.

You Searched For "Ease of Doing Business" and got 11 results

Narendra Modi will use the jump in India's ease of doing business ranking to shut up his critics

PTI

India will try to impress World Bank to move up in ease of doing business ranking. Here’s how

BI India Bureau

Gujarat is going to be richer! Tops the ease of doing business list

BI India Bureau

Direct taxes: That’s a long wishlist for the Modi Govt to fulfill in Budget 2016

Guest Author

India is now Number 2 in ease of doing business index

BI India Bureau

Budget 2016: Here’s what GST will do for the Indian economy

Purba Das

Budget 2016: Good news! World's upbeat about India's new tax structure

Guest Author

Here’s why World Bank thinks India can make it in top 100 of ease of doing business index

BI India Bureau

Importing drones is going to be easier soon

BI India Bureau

Govt asks white goods industry to apply for manufacturing sops in large numbers

PTI

You’ll be able to start a business in just 6 days. Here’s what you will need

BI India Bureau

Popular Keywords

Buying Guides