Industry chamber CII has urged the new Government to focus on the ease of doing business in India to boost investor sentiment.
According to a survey by the Confederation of Indian Industry (CII) in partnership with KPMG, there are four parameters to be urgently studied – the land acquisition process, starting a business, taxation and contract enforcement to curb the continuous decline in ease of doing business.
Some of the recommendations made in the report include single-window registration and mutation process, labour reforms, implementation of Goods and Service Tax and increase in the number of courts and tribunals.
India is considered amongst the fastest growing economies and a nation which is regarded as a potential investment hub, but lot of problems are faced by the entrepreneurs when it comes to setting up of an industry here, the report said.
One had to go through a lot of trouble in starting a business in India such as dealing with permits, getting electricity, paying taxes, registering property, trading across borders, it said. India has been ranked 134th as per the World Bank’s Ease of Doing Business Rankings.
Chandrajit Banerjee, Director General, said “CII hopes that the findings of this report would bring the issues to the fore and also serve as a reference point for the imminent need to pursue reforms in business practices and processes.”
The report is based on a survey conducted among Indian industries, followed with primary and secondary research to assess the present business regulatory environment in the country, CII said