Despite its laudable performance, suggest some key measures that can help India to improve the ease of doing business. (200 Words)
Refer - Financial Express
Enrich the answer from other sources, if the question demands.
IAS Parliament 4 years
KEY POINTS
India had jumped 14 positions to be ranked 63rd among 190 countries in the World Bank's ease of doing business 2020 survey.
Measures
Constitute a National Compliance Commission
· An empowered commission must be set up to reduce the compliance burden by at least 50%.
· It should focus on identifying duplication and redundancy among compliance requirements.
Create UEN (Unique Enterprise Number)
· Indian enterprises deal with multiple identities (PF, ESIC, PAN, CIN, TAN etc.) issued by different central and state departments.
· This can be resolved with a UEN along the lines of Aadhaar.
Create enterprise document vault
· The concept of electronic document vault DigiLocker should be extended to enterprises.
· The documents can be retrieved by inspectors, financial institutions and other government departments upon consent.
Strengthen commercial courts infrastructure
· It takes 1,445 days to dispose of a commercial case as against 120 days in Singapore.
· Millions of commercial cases compete with civil cases for their turn for months in regular courts leading to delays.
Digitise regulatory updates
· With over 3,000 yearly regulatory changes that affect enterprises, India needs a centralised repository of all updates.
Digitise inspections
· An MSME in India can be inspected by as many as 20 inspectors at any time.
· There is an urgent need to reimagine the current system and replace it with a consolidated, risk-based and digital system.
sivasree 4 years
kindly review
IAS Parliament 4 years
Good attempt. Try to underline key points. Keep Writing.
Dev 4 years
Please review and provide feedback
IAS Parliament 4 years
India's Ease of doing business, 63rd position in 2020, try to include correct facts. Keep Writing.
