Enhancing the ease of doing business in India

03 FEB,2020 | MEDC


 

The ease of doing business in India has increased substantially in the past five years, thanks largely to reforms providing entrepreneurs greater economic freedom. India has made a steady advancement in The World Bank’s Doing Business rankings moving up from 142 in 2014 to 63 in 2019. However, India continues to trail much of the world in crucial parameters such as ease of starting business, registering property, paying taxes, and enforcing contracts. These are areas requiring immediate policy interventions. A holistic approach with a sustained effort to rationalize the tax system and compliance, would be a key structural reform enabling India to grow at anannual rate of around 9%. Other factors such as enhancing financial and digital literacy, and raising the ease of access of MSMEs to technology and finance, will also boost India’s economic growth.

*Photo Credit: Google

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