Costs of doing business

12 OCT,2020 | MEDC


 

Despite India climbing steadily in the World Bank’s ease of doing business rankings, there are still many business irritants needing immediate attention. India’s technological prowess can be leveraged to this end. For example, the compliance burden remains very high for Indian industry due to multiple regulators. This is an area where e-governance can help to coordinate efforts across various government departments and streamline the system. Cross-subsidization is also a major source of high costs for industry. This needs to be rectified as lower costs enable industry to expand employment in the economy. A single window clearance system should be made the norm for all industrial activities. In this context, the GST is praiseworthy, as it has led to genuine market integration and a continuous improvement in fiscal infrastructure, along with a lowering of transport costs. Much has already been done to reduce the costs of doing business in the system, but much more still needs to be done and can be done. 

*Photo Credit: Google

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