A separate section in the Insolvency and Bankruptcy Code (IBC) modelled after international best practices will help partners in foreign tie-ups

A proposal by the Narendra Modi government to tweak the bankruptcy law to tackle cross-border insolvency is expected to boost the country's ease of doing a business ranking, media reports say. India made huge strides in the World Bank's Ease of Doing Business ranking to reach 77th spot among 190 countries in 2018 from 100 in 2017.

The government proposes to bring about the changes through an ordinance amending the Insolvency and Bankruptcy Code (IBC) and adding a chapter on cross-border insolvency, a report said. The amended law is aimed at giving comfort to foreign investors in India and vice-versa. The new law will reduce the time for exchanging information with another country, encouraging foreign investors and multi-lateral agencies such as the World Bank.

A panel headed by Corporate Affairs Secretary Injeti Srinivas recommended using the model law formulated by the United Nations Commission on International Trade Law, known as the UNCITRAL model, which has been accepted by 44 nations including some from where India's major investments originate like the US, the UK and Singapore. A cabinet nod for the new law is soon expected, according to a report in Business Standard.

Over 340 procedures simplified to improve the business, says official

Commissioner of Industries Siddharth Jain has said over 340 procedures related to various departments have been simplified to retain the State's leadership in Ease of Doing Business (EoDB) index.

Andhra Pradesh has been No. 1 in EoDB for the last two years and it targeted the top slot this year too, according to the official.

Participating as the chief guest in the regional EoDB outreach programme organised by the Department of Industries and Commerce (DoIC) here on Wednesday, Mr. Jain said obtaining various approvals, mainly from the Pollution Control Board, Labour and Roads and Buildings Departments, was made easier. Human interface was reduced to speed up the processes, thereby satisfying the clients, he stated.

Mr. Jain said clearances were being given through the Single Desk Portal within 21 days and sought the stakeholder feedback to remove any irritants that might be troublesome for entrepreneurs.

Director of boilers Uma Maheswara Rao, Capital Region Development Authority zonal joint director K. Dhanunjaya Reddy, deputy labour commissioner Subrahmanyam and Auto Nagar (Vijayawada) Industrial Area Local Authority chairman S. Durga Prasad spoke.

The new system will facilitate quick clearances and permits will now be available in 30 days of the application.

The Kerala government Monday launched an Intelligent Building Plan Management System (IBPMS) that provides single-point, integrated and holistic online development permissions to applicants in specified timelines for Ease of Doing Business (EODB).

Industries minister E P Jayarajan launched the system at an investment meet, ASCEND Kerala 2019 here, which aims to showcase the state as a top investment destination.

The new system will facilitate quick clearances and permits will now be available in 30 days of the application.

The Minister also gave away certificates to four beneficiaries of Thrissur Corporation, which is the first local body in Kerala to implement this system.

Additional Chief Secretary T K Jose detailed the efforts taken by the government to simplify doing business in Kerala.

"Only two documents are now needed for getting a trade licence in Kerala: an identity proof and lease deed or legal occupancy certificate," he said.

Last year, these rankings were announced in July. Andhra Pradesh topped the chart and it was followed by Telangana and Haryana.

The commerce and industry ministry has started the exercise of ranking states and union territories this year in terms of ease of doing business, and released guidelines and reform measures for them to be implemented before March 31. Department for Promotion of Industry and Internal Trade (DPIIT), under the ministry, has stated that this year they propose to undertake a 100 per cent feedback based assessment on 76 reform measures under Business Reform Action Plan (BRAP) 2019.

The reforms suggested by the department for states and UTs are in 12 areas and that include online single window system for approval, maintenance of land records, central inspection framework, tax enablers, labour regulations and obtaining electricity connection. The department said that the guidelines will allow states/UTs to understand requirements for implementation of reforms and help them in identifying the measures that should be taken to achieve the objectives of the action plan.

PM Modi said that besides improving the ease of doing business rankings, it would also increase the 'ease of living' for small businesses and the common man.

New Delhi: Prime Minister Narendra Modi on Thursday asked bureaucrats to improve last mile delivery and focus on streamlining procedures to improve the country's 'ease of doing business' rankings, his office has said.

He also said that besides improving the ease of doing business rankings, it would also increase the 'ease of living' for small businesses and the common man.

PM Modi said this was extremely important for India as an emerging and vibrant economy, a statement issued by the Prime Minister's Office said.

The prime minister made these remarks at a high-level meeting he chaired to review progress of 'ease of doing business'.

It was attended by senior Union ministers related to economic matters, Maharashtra Chief Minister Devendra Fadnavis, Delhi Lt Governor Anil Baijal and senior officials from the Centre, and Delhi and Maharashtra governments.

He was briefed on the progress being made on various parameters related to ease of doing business.

Subjects such as construction permits, enforcement of contracts, registering property, starting a business, getting electricity, getting credit, and resolving insolvency came up for discussion.

Narendra Modi on Monday said that India is just a few steps away from breaking into the top 50 on the World Bank's ease of doing business index and added that the ultimate aim of is to improve the ease of living.

PM Modi was speaking after chairing a meeting 'Reflections on Ease of Doing Business' with top industrialists and policy makers to brainstorm on measures required to realise his vision of breaking into the top 50 club.

The Prime Minister also launched the 'Ease of Doing Business Grand Challenge', which seeks to invite innovative ideas from individuals, startups or other enterprises to implement AI, Big Data Analytics, Internet of Things (IOT), Blockchain and other cutting edge technologies for re-engineering related government processes.

The details of the challenge can be found on www.startupindia.gov.in/

Speaking at the meeting, PM Modi said the era of policy paralysis has ended and his government was giving policy-based governance that has helped catapult the country from 142nd rank among 190 nations on the World Bank's ease of doing business ranking in 2014 to 77th position this year.

"We are just a few steps away from breaking into the top 50 in the rankings. India has improved on 8 out of 10 markers," he said. He added that efforts are on to develop the ranking system at the district level.

The rankings serve as a trusted ready-reckoner for foreign investors looking to invest in a country

India's leap in the World Bank's Ease of Doing Business rankings this year has slipped under the radar, in the cacophony over demonetisation and the RBI-Centre spat.

The country has, in fact, been one of the biggest 'improvers' in the 2019 study, with its rank shooting up from 100 to 77, among 190 countries. This is quite a big jump, given that its rank crept up from 142 to 100 in the four years from 2015 to 2018.

The World Bank now deems India an easier place to do business in than BRICs peers such as Brazil (109) and South Africa (82) and West Asian economies such as Qatar (83) and Saudi Arabia (92).

But it has a long way to go before it can catch up with China (46, the Hong Kong Special Administrative Region is at 4), the U.S. (8) or Singapore (a lofty 2). New Zealand is the top dog here.

But what drove India's meteoric rise? In which aspects of doing business did India see big improvements and where did it lag?

What improved

India's climb in the 2019 rankings seems to have come mainly from sharply higher scores on two 'doing business' indicators — securing construction permits and trading across the borders. It also made smaller improvements in starting a business and getting credit.

NEW DELHI: India has leapfrogged 23 places to 77th rank in the World Bank's global Ease of Doing Business rankings, a feat which is likely to boost the government's reform credentials and raise the country's attractiveness for investors.

The report released lists India and China as the two large economies which are among the 10 biggest reformers among 190 countries. New Zealand, Singapore and Denmark were on top of the list. Among the BRICS countries, Russia and China were ranked higher. The sharp jump in India's ranking is largely driven by feedback from stakeholders who say it is now significantly simpler to get construction permits and ship goods across the country's borders as well as reforms in other regulatory and process approvals.

The latest rankings will bolster the BJP government's reform record and comes at a time when the government has been battling criticism on the economic front amidst a weak currency, widening current account deficit and choppy financial markets. "We are unwavering in our commitment towards economic reforms, which will ensure an environment that fosters industry, investment and opportunities," Prime Minister Narendra Modi tweeted. India improved its ranking on six of the 10 parameters and has jumped 53 places in two years.