Page 74 - Forbes India (December 2015)

EntErprisE

EasE of Doing BusinEss

Reducing Unease

Up 12 spots this year in the World Bank’s index of Ease of Doing Business, the
country is a tad closer to Prime Minister Modi’s promise of entering the top 50

By Shutapa paul
en months ago, Prime covered significant ground in six paid-up capital, the commencement of
Minister Narendra Modi months. “India has accelerated efforts business declaration and streamlining
promised that India would to improve the business climate in the process to obtain electricity
Tbreak into the list of top the country during the past year. connections in Mumbai (BEST) and
50 countries based on the Ease of This year’s improvement in ranking Delhi (Tata Power) were lauded by
Doing Business in three years. In marks a significant shift in trend after the World Bank in its latest report.
the World Bank’s Doing Business several years of decline,” World Bank Several other reforms, announced
2016 report, India has jumped to Country Director in India Onno Ruhl after the cut-off date this year,
rank 130 out of 189 countries— told Forbes India. “The fact that the are currently being implemented.
up 12 spots from 142 a year ago. government achieved this in about six For instance, e-payment has
(However, based on this year’s new months underlines its commitment been enabled for contributions to
methodology, India’s recalculated to making India an easier place to the Employees’ Provident Fund
2015 ranking comes at 134.) do business. These initiatives will Organisation (EPFO) and Employees’
Given that May 31, 2015, was benefit Indian small and medium- State Insurance Corporation of
the cut-off date for this year’s data sized enterprises (SMEs) the most.” India (ESIC), construction permit
collection, the National Democratic Amending the Companies Act to applications in Delhi and Mumbai
Alliance (NDA) government has remove the provisions for minimum can now be made online and INC 29

pM Narendra Modi’s
gEtty imagEs aims to turn the
Make in India campaign
country into a global
manufacturing hub

74 | FORBES INDIA DECEMBER 11, 2015