- India has set itself the ambitious task of climbing into the top 30 of the World Bank’s ease of doing business rankings in three years and is confident of breaking into the top 100 in this year’s list.
- The Department of Industrial Policy & Promotion has sought help from the World Bank to achieve the target.
- India was ranked 142nd out of 189 countries in the World Bank’s ease of doing business rankings bench marked to June 2014.
- The challenges are on two issues essentially, one is enforcement of contracts, where the judiciary needs to take action, and the other is the insolvency law, which the TK Viswanathan committee is working on.
- Foreign direct investment inflows into India more than doubled to $3.6 billion in April from $1.7 billion a year earlier and increased 71% from the previous month.
- The withdrawal of the requirement of minimum paid-up capital and common seal for companies, allowing single-step incorporation of companies of 14 government services on an online single-window portal.
- Cross-border trade has been made easier by cutting the number of forms for export and import to three from seven and nine, respectively.
- The government looked at global best practices in key areas that could be adopted in India.