Government appoints IIFT, ICAI, NICMAR to improve World Bank's 'Doing Business' ranking

The Union Commerce and Industry ministry has appointed four institutes to interact with stakeholders and suggest measures to push India’s ranking in World Bank’s Ease of Doing Business Index. They are National Institute of Construction Management and Research (NICMAR), Indian Institute of Foreign Trade (IIFT), Institute of Company Secretaries of India (ICSI) and Institute of Chartered Accountants of India (ICAI).

Key Facts

These four institutes will take views of respondents on parameters which are taken into in ranking process. They will then share feedback with concerned ministries. The parameters include – starting business, dealing with construction permits, registering property, getting electricity, protecting minority investors, getting credit, paying taxes, trading across borders, enforcing contracts and resolving insolvency.
ICAI will look into paying taxes parameter while ICSI and IIFT will work on starting a business and trading across borders respectively. NICMAR will collate feedback on dealing with construction permits. The move will help further push India’s ranking. Improvement in ease of doing business will help attract more investments by ensuring a better business climate for investors.

Background

As per the latest World Bank’s Doing Business ranking 2017, India’s position had improved by 30 places to 100th. The government wants India to figure within top 50 in the coming years. In the 2018-19 Budget speech, Finance Minister Arun Jaitley had mentioned that to further improve ease of doing business, the government has identified 372 action points for states which they will carry out in a mission mode.

Month: Current Affairs - February, 2018