...

India Ease of Doing Business Ranking

India has made significant strides in improving its Ease of Doing Business ranking, jumping from 142nd in 2014 to 63rd in 2019, as recognized by the World Bank's Doing Business Report This improvement highlights India as an increasingly attractive destination for business and investment.

The Indian government has implemented a variety of initiatives to streamline business operations, such as merging multiple business registration requirements into a single form and simplifying processes for obtaining business permits and registrations

Efforts to make construction permits easier include reducing the time and cost needed to obtain permits in cities like Mumbai and Delhi, introducing digital systems for application and approval, and implementing risk-based classification regimes

Trade facilitation has improved with the introduction of the Indian Customs Single Window Project, which allows importers and exporters to handle customs clearance electronically, reducing the number of mandatory documents and inspection frequency

Legal and financial reforms have been introduced to support businesses, including the establishment of Commercial Courts and the National Judicial Data Grid, as well as the creation of an electronic registry for security interests

The government has reduced corporate tax rates, introduced a concessional tax regime for new manufacturing companies, and simplified tax return filing processes, including the implementation of the Goods and Services Tax (GST)

State reforms have been guided by the Business Reform Action Plan (BRAP), which includes a comprehensive set of measures to improve business environments across various sectors such as tourism, telecom, and healthcare

The government supports startups through the Startup India initiative, which provides financial assistance, tax benefits, and regulatory ease This has contributed to India becoming the third-largest startup ecosystem globally, with 113 unicorns as of 2024.

Initiatives under the Atmanirbhar Bharat (Self-Reliant India) campaign aim to foster innovation, create jobs, and boost the economy by providing a supportive environment for startups and making India a hub for entrepreneurship

Overall, India's multi-faceted approach to enhancing the Ease of Doing Business involves simplifying regulations, fostering competition among states, and legislative changes, positioning the country as a more attractive destination for both domestic and international businesses