New Delhi [India]: In the wake of India’s progress as highlighted in the recent ‘Ease of Doing Business’ report published by the World Bank, the Federation of Indian Chambers of Commerce and Industry (FICCI) opined that this new achievement would help improve the inflow of Foreign Direct Investment (FDI).
“This is a great achievement, which will soon bring about a new wave of information, and ultimately help improve growth in the economy. While there has been a rise in private investment, FDI too will improve post this,” FICCI president Pankaj Patel told ANI on the sidelines of the ‘India’s Business Reforms’ session here.
Echoing similar views, Confederation of Indian Industries (CII) president Shobana Kamineni said that job creation needs to be the prime focus hereafter, adding that the 30 place jump will enable greater transparency.
“Following this report, India will be deemed suitable for entrepreneurship and become more attractive as an investment hub. However, following up from this, job creation needs to be the central focus,” she said.
The World Bank’s recent ‘Ease of Doing Business index’ showed that India has risen as much as 30 positions to rank 100th amongst 190 countries. As per the 2018 version of the Ease of Doing Business index, India has been amongst the world’s top ten improvers worldwide and a leading regional reformer.
“With the eight reforms enforced in the system, India made paying taxes easier by requiring that payments be made electronically to the Employees Provident Fund and introducing a set of administrative measures easing compliance with corporate income tax,” said the World Bank in a statement.
The report also mentioned the substantive changes implemented by the Government in 2016-17, including merging of applications for Permanent Account Number (PAN) and Tax Account Number (TAN) for starting a new business.
For the unversed, the Ease of Doing Business report is based on how easy it is for companies to do business as well takes in account certain regulations based on ten parameters including starting a business, getting electricity, dealing with construction permits and paying taxes among others. (ANI)