Page 3 - Ease Of Doing Business

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DPIIT undertaking exercise to measure cost of regulations in states

The Department for Promotion of Industry and Internal Trade (DPIIT) is undertaking an exercise to assess the cost of regulations in states with a view to improving further the ease of doing business, an official said. Through this, the official said, states will get an insight into reforms which they can bring to improve the business climate for industry. For this, DPIIT officials held a meeting in June with all selected survey agencies for assessing the cost of regulation. The session was scheduled to provide orientation/brief to the overall project coordinator/key persons from all regions. Citing examples, the official said seeking a number of papers and delays in giving approvals or clearances cost to the industry. "The exercise is aimed at reducing this cost," the official added. The department is taking a series of measures to reduce the compliance burden of the industry and improve the ease of doing business. It has removed or simplified thousands of obsolete provisions and

DPIIT to help states simplify provisions to facilitate ease of business

The Centre will help states in simplification, rationalisation or decriminalisation of provisions with a view to promoting ease of doing business and living in the country, a top government official said on Thursday. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that Parliament passed a bill which seeks to promote ease of business by decriminalising minor offences through amendments in 183 provisions of 42 Acts. "We will do this in the future as well...We intend to follow with an inter-ministerial working group which will look at other provisions where further simplification, rationalisation or decriminalisation is possible and we are intending to do the same exercise at the state level by providing guidance to the states as well," he told reporters here. He said that there will be many more rounds of this exercise with the overall objective of promoting ease of doing business and ease of living. The Jan Vishwas (Amendment

Parliament passes Jan Vishwas Bill to promote ease of doing business

Parliament on Wednesday passed a bill which seeks to promote ease of business by decriminalising minor offences through amendments in 183 provisions of 42 Acts. The Jan Vishwas (Amendment of Provisions) Bill, 2023 was passed by Rajya Sabha by a voice vote. Lok Sabha had cleared the legislation on July 27. Minister of Commerce and Industry Piyush Goyal said the bill will promote the ease of doing business by decriminalising a number of provisions. The bill converts several fines to penalties, meaning that court prosecution is not necessary to administer punishments. It also removes imprisonment as a punishment for many offences. The bill also seeks to remove all offences under the Post Office Act, 1898.

Japan's minister Hayashi pitches for improvement in India's biz environment

Japan's Foreign Minister Yoshimasa Hayashi has pitched for improvement in the investment environment for Japanese firms operating in India with many of them seeking a more predictable, transparent and stable business climate in the country. A Japanese readout said Hayashi requested External Affairs Minister S Jaishankar for cooperation on improving the investment environment and for the early establishment of a joint crediting mechanism, during their talks on Thursday. Separately, deputy press secretary in Japan's foreign ministry Yukiko Okano said Hayashi met over lunch on Friday representatives of Japan Chamber of Commerce and Industry in India (JCCII) and officials of several Japanese companies operating in the country, and they apprised him about the issues. The Japanese foreign minister began his two-day visit to India on Thursday. "The view from the Japanese businesspeople here is that they would like to see a more predictable, transparent and stable business environment in .

Govt sets up working group to decriminalise legislations for ease of biz

Commerce and Industry Minister Piyush Goyal on Thursday informed the Lok Sabha that the government has set up a working group to decriminalise laws to further promote ease of doing business. Replying to a debate on the Jan Vishwas (Amendment of Provisions) Bill, 2023, he said the group will look at areas, where more decriminalisation of provisions is required. He said that the group comprised representatives from industry associations, business chambers, legal professionals, legal experts and officials of seven ministries. Besides, it would also have representatives of the National Housing Bank (NHB), National Bank of Agriculture and Rural Development and Central Pollution Control Board. The Bill was later passed in the Lok Sabha through a voice vote as Opposition members protested and raised slogans on the Manipur issue. The Bill seeks to amend 183 provisions across 42 Acts administered by 19 ministries to reduce the compliance burden on individuals and businesses. Goyal said th

Mixed results

GST appellate tribunal will improve ease of doing business

Sebi's new FPI disclosure norms could pose roadblock for compliances

The recent proposal by Sebi to make disclosure norms more stringent for Foreign Portfolio Investments (FPIs) has reignited the discussion on Indias stand on promulgating ease of doing business

Ease of doing business improved; still long way to go in many areas: CII

The ease of doing business in the country has improved in the last 5 to 10 years but there is a long way to go in many areas, the Confederation of Indian industry (CII) said on Friday. Addressing the media after a meeting of its members from the four western states of Maharashtra, Gujarat, Madhya Pradesh and Goa, CII Western Region Chairman and Tata Power MD and CEO Praveer Sinha said the industry feels there is a lot of growth happening and there is a lot of opportunity in the country. In a poll of CEOs conducted by it, 76 per cent of the respondents were of the view that the Indian economy is expected to remain resilient in the backdrop of global geo-political headwinds. "The ease of doing business has improved but if you ask me if it is 100 per cent, it is not 100 per cent. It is still some 55-60 per cent. That means there are opportunities of improvement," Sinha said. He said that though the ease of doing business is better than it was 5 or 10 years back, "it is still a long wa

Changes in anti-money laundering law can impact foreign investment: CAs

Chartered accountants are seeking clarifications on the finance ministry's recent notification on extending the ambit of anti-money laundering law as it can adversely impact ease of doing business and facilitation of foreign investments. According to industry sources, chartered accountants (CAs) and company secretaries often act as formation agents for foreign companies setting up businesses in India and often provide their own address for communication in the initial phase. They also act as resident directors of the foreign company trying to establish presence in the country and also operate bank accounts on behalf of their clients. Industry sources said there is no way that an accountant can know whether the money that an investor is bringing into India is bonafide or laundered money and verify its source. In view of the pending review by the global watchdog on terror financing and money laundering scheduled later this year, the finance ministry has in recent months tightened and

Under construction

Project delays must be avoided

Economic, demographic base driving interest in doing business: Report

When Tim Cook arrived in India earlier this month to open Apple's first physical store in the country, he was welcomed like a hero, media reports said

Defence Ministry initiates reforms to further promote ease of doing biz

Under the existing procedure, certain bottlenecks were experienced by the industry to bring timely improvements in their products and technologies in line with changing times

Why is India catching up to Singapore as top business environment

The improvement is mostly attributable to gains in its scores for foreign trade and exchange controls, infrastructure, and technological readiness

India improves its ranking by 6 spots in global biz environment rankings

Out of 17 economies in the Asian region, India is ranked 10th in the 2023- 27 forecast period, up from 14th in 2018-22 period

Government of Gujarat promoted companies: A success story

The state is consistently ranked among top three in terms of attracting capital investment including foreign direct investment

Govt to bring retail trade policy to promote ease of doing biz: Official

The government is working to bring a national retail trade policy for brick and mortar retail traders with an aim to promote ease of doing business, a senior official said on Monday. Joint Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Sanjiv said that the policy would also help in providing better infrastructure and more credit to traders. The Department, he said, is also working to bring an e-commerce policy for online retailers. "We want that there should be synergy between e-commerce as well as retail traders," Sanjiv said at a conference on FMCG and e-commerce here. The Department is also in the process of formulating an insurance scheme for all the retail traders. The accident insurance scheme would particularly help small traders of the country, he added. "The government is trying to do policy changes not only in e-commerce but national retail trade policy which will be for physical traders which will be introducing ease of doing business,

India's tech sector revenue to cross $245 billion in FY23, shows data

The year is emerging as India's techade, with robust opportunities in creating public digital infrastructure, and greater ease of doing business

Andhra Pradesh CM banks on 'silent revolution' to attract investors

Over 8,000 delegates from across world expected to participate in investor summit that begins today

Soon, book a drone powered by PPP; pilot project set for take-off

States may provide a subsidy on the price that consumers have to pay for the service to make it more affordable