India has risen 30 places into the top 100 rankings as of the World Bank’s ‘ease of doing business’ index as described in the article thanks to most important improvements in indicators namely resolving insolvency, paying taxes, protecting minority investors in addition to availing credit.
Commencing a business
India made opening a business and company registration faster by integration of the applications intended for the Permanent Account Number (PAN) as well as the Tax Account Number (TAN) along with the incorporation application. Further, many other redundant steps have been removed to make incorporation possible in a couple days.
Defending minority investors
Protections intended for minority investors were made stronger by improving the remedies accessible in cases of prejudicial transactions linking interested parties and by introducing new laws. This reform applies to both Delhi and Mumbai.
Payment of taxes
In together Delhi as well as Mumbai, paying taxes was made simpler by necessitating payments to the Employees Provident Fund to be completed by electronic means, and initiating administrative measures that made it simpler to act in accordance with corporate income tax regulations. Further in income tax, e-assessments have been introduced to make the process transparent.
Trading across borders
In Mumbai, decreasing the time occupied to act in accordance with import rules at Nhava Sheva port made it much faster to engage in trade across borders. In Delhi as well as Mumbai, the removal of merchant overtime fees and the augmented usage of electronic as well as mobile platforms decreased the time engaged to meet the terms with both export and import regulations.
Enforcement of contracts
The National Judicial Data Grid made it achievable to create case management reports related to local courts, by this means making it simpler to put into effect contracts.
Resolution of insolvency
India made resolution of insolvency simpler by adopting a latest insolvency and bankruptcy code that started a reorganisation process for corporate debtors as well as facilitated continuance of the debtor’s dealings for the duration of insolvency proceedings. This reform is applicable to both Delhi and Mumbai.