MOSCOW, October 22 (RIA Novosti) – India has decided to reduce its business registration period from 27 days to one day, reports the International Business Times on Wednesday.
Indian Prime Minister Narendra Modi has called for changes to make the process of establishing businesses simpler, as part of the “Make in India” campaign.
“To achieve all this [the “Make in India” campaign], the government, along with the states, will need to carry out radical measures on a war footing”, said an Indian official, who preferred to stay anonymous, as quoted by the Business Standard.
The Modi government has already introduced a series of changes to simplify several rules and regulations, hoping to make India a friendlier investment country. So far, the changes have touched upon registration of labor laws, the tax system, the property registration process, as well as a reduction in the number of permits needed. The Department of Industrial Policy and Promotion (DIPP) is expected to implement these changes, according to the International Business Times.
The campaign “Make in India” is the government’s response to India having the reputation of a difficult place to do business. India is currently ranked 134 out of 189 countries, according to “Ease of Doing Business” index, the Economic Times said.
In addition, India wants to remove pollution control regulations, reduce inspections and allow electrical connections to be setup sooner, the International Business Times reported.
