Summary: Modi govt has planned to reduce the business registration period in India from 27 days to one day in a few months time.
Indian prime minister is making a point to the world community that India is ready for business. After launching the “Make in India” campaign, Modi govt has planned to reduce the business registration period in India from 27 days to one day in a few months time.
At the moment, India rank embarrassingly low at 134th out of 189 countries in 2014 under the World Bank’s “Ease of Doing Business” category below its neighbors including China with rank 96, Pakistan 110 and Bangladesh 130.
The government has readied the draft on badly needed reforms such as single registration for all labor laws, overhaul of tax systems, reduction in the number of permits required, easing up property registration,
quick electricity connection and property registration – which will be taken care by the Department of Industrial Policy and Promotion (DIPP).
DIPP has promised to implement the reforms within a period of three to six months and asked the union and state governments for their inputs in planning and amending the reforms. Keeping the main focus on tax reforms, it has suggested to reduce taxes and allow online payment of taxes.
State electricity boards and the power ministry have been asked to simplify procedures of getting an electricity connection because as of now in Indian states such as Uttar Pradesh it can still take up to couple of months to get a simple electricity connection even if you take the matter to chief engineer or even chairman unless one spend money to educate the UPPCL officials.