This year, the ministry expects that India's ranking in the World Bank's Ease of Doing Business report would be in the range of 95 to 105 from the current 142 out of 189 countries, a senior official said, adding India aims to feature among top 50 in the next three years.
Although, there has been some changes in the methodology to calculate the rankings,"we are expecting a healthy improvement", the official added.
The official said that during that time, the government would take more measures in this regard.
"Within one week, the Department of Industrial Policy and Promotion (DIPP) will circulate a set of recommendations to 14 central ministries and Delhi NCR and Maharashtra. We are suggesting action points and timelines for every steps," the official added.
More From This Section
All those steps have been discussed comprehensively during the two-and-a-half day workshop with World Bank officials.
The DIPP would circulate those suggestions to all other states as that will help them in improving India's ranking because they are the ones responsible for implementation of schemes.
During the workshop, concerns have been raised over two main fronts - enforcement of contracts and resolving insolvency.
As per reports, India's judicial system takes on an average 1,420 days to resolve a commercial dispute. On the other hand, countries which have high ranking, takes only 4 to 6 months time.
The official said that India can improve in this area by way of increasing number of courts, filling the vacancies of judges and setting up fast-track courts.
The government has taken a series of steps to improve ease of doing business that include having a timeline for clearance of applications, de-licensing the manufacturing of many defence products and introduction of e-Biz project for single window clearance.
Improvement in the ranking will help in attrcating both foreign and domestic investments.