India Aims for Top 50 by 2018

New Delhi Nov 2: The Central Government has started preparation to implement 90 more reforms by May 2018 so that India can leapfrog into the 50 position for ease of doing business report to be published by next year.

The government officials have said that currently, we have taken 122 reforms last year but these are not considered by world bank as these are not felt on the ground".We hope that the world bank would take into account the implementation of GST also next year.

The reforms suggested by the government are

Starting new businesses -12 reforms

# Reducing the list of documents required to open a bank account for a company to three — ID proof, address proof, and authorisation letter.

# The corporate affairs ministry to make -
Simplified Proforma for Incorporating Company Electronically (SPICe) compulsory for reserving names and scrap all other options .The ministry will also introduce an alternative to the digital signature in the form of a username or one-time password.



Resolving Insolvency -six reforms suggested

Construction Permits-22 reforms suggested

# Online system for all approvals during the construction lifecycle.

# Reduce the number of procedures for obtaining construction permits to eight.

# Integrate business process re-engineering and multiple building plans and completion forms into one.

Registering properties -14 reforms sugessted.

Paying taxes - 4 reforms suggested

Trading across Borders -12 reforms suggested

Getting electricity -7 reforms suggested

# lower the cost of getting a new electricity connection to 25% of per capita income or Rs 28,000.

Enforcing contacts -8 reforms suggested

Getting credit -4 reforms suggested

Protecting Minority investors - 1 reform sugessted