World Bank in its Doing Business 2018 report which measures period of June 2016 - May 2017 rank India at 100th position from 130th positions in "Doing Business 2017" report among 190 economies. This steep jump of 30 notches in ease of doing business is an obvious outcome of various reform in economy and government policies taken by the government.
According to government officials roughly about 7000 big, small, medium, nano measures have been taken on ease of doing business. Some major reforms are, fixing timeline for clearance of application, de-licensing the manufacturing of many products, introduction of e-biz project for single window clearance, reduction in number document required for export and import and mandatory filing of all returns online through a unified form. Digitisation of various processes proves to be a milestone in this endeavour. Indeed this report act as an accolade for undertaking positive reforms, along with it also set a new target for us to achieve by filling the persisting loopholes in system.
Doing Business 2018, report of World Bank is a very reliable data through which we can access our performance. It is a scientifically calculated ranking based on performance over 10 parameter.
These parameters are namely, starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.
Starting a business has really become easy in Indian soil with on-line registration and self-certification for various preconditions of starting business. This has truly reduced the number of days to start a new business. Under Start up India initiative young entrepreneurs are being promoted to start a business easily and they are also being exempted from paying taxes for first 3 years of their launching to motivate and support them financially.
GST being one of major reform in Indian economy so far, also played its rule for easing the process of income tax return filing. Earlier any developmental project was halted in the name of environmental protection but now trend has been changed without even neglecting environment, with the help of self-certification process.
The project owner can certify himself for taking proper measures considering Environment protection without even going to government offices. Later if, while checking it is found that project does not comply with their self-accreditation then owner is also subjected to punishment. Government has also launched MUDRA Bank to provide capital support to MSME to start their own business.
Government has also prioritised their lending through MUDRA Bank to women entrepreneurs and entrepreneurs belonging to minority community. Predominantly it is found that lack of electricity also act as a barrier for the Start-ups, for that government has promoted entrepreneurs to go with subsidised solar panels instalment to meet the electricity need. It is true that various reforms has taken to ease the process of starting a business in India which along with brings various opportunity for many other Indians too.
Indeed ease of doing business will enhance the entrepreneurship culture in India which will provide huge job opportunity to the young Indians. These job opportunities will help to reap the benefit of huge demographic dividend of India. Due to which huge Indian manpower will turn into productive manpower and then many other problems will eliminate automatically. For example - with people having jobs their living standard will increase, their life expectancy will increase, literacy rate of India will increase, it will become difficult to radicalize people with jobs, and hence it will hold them to become hindrance in nation development.
Directly and indirectly there are many woes which can be cured once the economic cycle touches the various section of society. And with ease of doing business can bring various section of society in mainstream economy.
After achieving this 100th position India needs to set the target of 50th rank in next report, for India to develop at faster rate. But to achieve that rank there are several steps needed to be taken. We can take clue from our neighbouring nations like China who ranked 78th and Bhutan who ranked 75th, to make possible changes in our system and provide ease to our entrepreneurs.