GoI launches “SPICe+” to improve Ease of Doing Business in the country

On February 24, 2020, the Government of India launched SPICe+, a web form that integrates 10 services of various ministries and departments. This will help boost Ease of Doing Business in India. It was launched by the Ministry of Corporate Affairs.

India ranked 63^rd in Ease of Doing Business ranking published by World Bank.

Highlights

The Simplified Proforma for Incorporating Company Electronically Plus provides 10 services thereby saving time, cost for starting a business in India. It offers 10 services namely DIN allotment, issue of PAN, TAN, EPFO. ESIC registration, opening bank account for a company, allotment of GSTIN, issue of Profession Tax, etc.

The service will help to improve Ease of Doing Business in the country, especially for a startup.

Ease of Doing Business Ranking

In 2019, the World Bank placed India at the 136^th rank for Ease of Starting Business. It was provided the 154^th and 115^th ranks for paying taxes and enforcing contracts respectively. Therefore, it is essential for initiatives such as SPICe+ to improve India’s position globally.

Month: Current Affairs - February, 2020