JOIN USThe Centre on Tuesday briefed the visiting World Bank officials about the steps taken by the Narendra Modi-led government to improve the business climate in the country. World Bank officials are in India to collect data and information for its ‘Doing Business Report, 2016’.
The members of the mission — Nadine Abi-Chakra and Baria Nabil Daye — held meetings with senior finance and commerce ministry officials. “It appreciated the steps taken by the Centre and states towards improving business climate,” an official statement said.
The government has taken several measures to improve business climate in India in the past one year. Some of these include a drastic reduction in documents required for exports and imports, one-step incorporation of companies through a simple form, and easy loan disbursement to business entities.
The Centre is keen on improving the ease of doing business ranking from the current 142 to 30 in the next three years.
India is ranked 142 among 189 nations in the World Bank’s ease of doing business 2015 study. With the exception of two parameters (getting credit and protecting minority investors), India does not feature in the top 100 in the remaining parameters.
The Centre is also expected to release a report card on the states’ preparedness on the ease of business parameters. This is aimed at triggering competition among states to attract investments, especially after the introduction of programmes like Make in India.
Foreign direct investment (FDI) inflows into the country have grown to $30.93 billion in 2014-15 compared with $24.29 billion in 2013-14, according to the latest official data, implying investment in India has kicked off.