A constructive engagement where both the Central and the State government work in tandem and engage with industry to take the reform agenda forward is critical to reduce Cost of Doing Business and take the economy to the higher growth trajectory. Mr Sinha dispelled apprehensions about the globalisation process turning restrictive due to inward looking policies of the advanced countries. While visa restrictions and curbs on people movement is a worry, this cannot be construed as a reversal of globalisation as the trade of goods is not impacted. He felt that as far as visa restrictions are concerned, our domestic economy has the absorptive capacity to tackle the situation.
Mr Sinha mentioned the reforms process being undertaken to develop a conducive ecosystem for attracting business. These include creating a simplified business climate especially in terms of starting, operating and exiting a business, ease of doing business reforms, operation of Single Window through portals such as SWIFT, direct delivery through ports, simplification of construction permits and electricity connection, among others. The implementation of the landmark GST reform and the Insolvency and Bankruptcy Code would help business operations. A focus on infrastructure development is another area of priority for the government. The keen participation of States Government in taking the reforms agenda forward is crucial for success, maintained Mr Sinha.
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