India has been working hard to up its ranking in terms of ease of doing business and a panel of experts involved in the process, in an interview to CNBC-TV18, give a lowdown on the initiatives taken so far.
A World Bank team will be meeting with Department of Industrial Policy and Promotion (DIPP) officials to take stock of the steps taken.
The World Bank carries out this exercise ever year for the purpose of ranking countries on their ease of doing business.
India's rank in the Doing Business Report 2016 improved to 130 from 134 in the previous year.
The procedures to start a business in Indiais now down to 7 from 14 earlier, says DIPP Secretary Ramesh Abhishek.
Abhishek sees healthy competition among states to perform well, adding, there are are now real time rankings to rank each state. He is hopeful of seeingmore foreign direct investment (FDI) flows in the defence space over the next couple of years, thanks to the increased opportunities now, and expects FDI in food processing also to take off.
On the corporate law front, Tapan Ray, Secretary of Corporate Affairs expects the National Company Law Tribunal (NCLT), a specialized institution for corporate justice, to be fully functional by December.
Satya Srinivas Joint Secretary of Customs pointed at the reduction in number of cargo clearance days. He says end to end clearance now takes only 4-5 days with only risk-prone cargos taking 8-9 days. Around 95-97 percent of documents are also now filed electronically, he says.
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