Budget 2019: What Modi government needs to do to improve India's ease of doing business rank
India has been making a remarkable growth in ease of doing business rank. In 2018, the country jumped 23 spots and stood at 77th position among 190 economies in terms of ease of doing business.
Budget 2019: Last year came as a major boost for India's ease of doing business rank and if any new policy is announced in this year's budget, it can further impact the ranking. Ranjit Punja, CEO and Co-Founder CreditMantri, believes that India still ranks very low in terms of starting business, enforcing contracts, registering property, and resolving insolvency. He said that new policies can help improve these parameters and achieve the targets.
"India still ranks low in terms of starting business, enforcing contracts, registering property, and resolving insolvency. If appropriate policies are established, the above parameters could be improved, and the target can be achieved. The Government has recently launched ‘Make in India 2.0’ which will focus on driving business growth and generate job opportunities," Punja said.
"Starting new businesses would still require certain reforms in business registration, property registration and trading across borders. If the procedure duration is further reduced, it will pave way for ease of doing business in India," he added.
In last year's budget, the government had listed out 372 basic business reform actions to further improve ease of doing business in India. "There was a significant reduction in terms of procedures which enhanced credit availability, ease of paying taxes, trading across borders, etc," Punja said.
बजट से पहले कहां करें निवेश #Budget2019MyPick में जानिए मार्केट एक्सपर्ट डी डी शर्मा की राय।@AnilSinghviZEE @ddrsharma @SwatiKJain @dkalra81 pic.twitter.com/mCMqYHwFHn
— Zee Business (@ZeeBusiness) January 18, 2019
India has been making a remarkable growth in ease of doing business rank. In 2018, the country jumped 23 spots and stood at 77th position among 190 economies in terms of ease of doing business. Earlier in 2017, India's ranking on the Ease of Doing Business rose 30 spots to stand at 100th position for the first time ever.
Recently on January 04, 2019, the Lok Sabha to improve ease of doing business, passed the Companies (Amendment) Bill, 2018, which is designed to reduce the National Company Law Tribunal`s (NCLT) burden in volume of insolvency cases, as well as prescribe strong action against non-compliant companies.
The Government is now aiming to be among the top 50 countries and plans to take appropriate steps to meet this goal.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
03:53 PM IST