Amendments are being made to streamline the dispute resolution processes and reduce litigation to further improve ease of doing business in the country, Finance Minister Arun Jaitley said today.
He also proposed certain changes to the Customs Act 1962, to facilitate exports and imports processes.
"To smoothen dispute resolution processes and to reduce litigation, certain amendments are being made, to provide for pre-notice consultation, definite timelines for adjudication and deemed closure of cases if those timelines are not adhered to," he said in his Budget speech.
In the latest Doing Business report of the World Bank, India's position jumped 30 places to 100th among 190 nations.
These rankings are based on 10 parameters, including trading across borders and enforcing contracts. In certain parameters like enforcing contracts, India has not performed satisfactorily.
On the other hand, it has witnessed improvement in areas like starting a business; reduction in procedures and time required to obtain building permits; easier access to credit; protecting minority investors; and ease of paying taxes.
The government is targeting to be among top-50 countries in the overall ease of doing business rankings.
In the Customs Act, a new section is being inserted to empower the Centre to exempt goods imported for repair, further processing or manufacturing from payment of whole or any part of duty of customs, subject to certain conditions.
Further, the minister said that the government has identified 372 action points for states which they would carry out in a "mission mode".
He said the Centre would evaluate the performance of states based on feedback from the industry.
"To take ease of doing business reforms deeper and in every state of India, the government has identified 372 basic business reform actions," he said.
The minister said each state will take up these reforms in a mission mode and would constructively compete with each other.
Improvement in ease of doing business will help attract more investments and better business climate for investors.
Andhra Pradesh and Telangana jointly topped the 2016 all-India Ease of Doing Business rankings.
The rankings were based on a 340-point business reform action plan and their implementation by the states.
State governments are taking several steps to improve their business climate.
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