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India has become a better place for doing business following the government's initiatives such as Goods and Services Tax, insolvency and bankruptcy code, stated the Economic Survey 2018.
The survey which was released on Monday, recognised multiple reports such as World Bank's Doing Business Report and credit rating Moody's Investors Service to stress upon the improvement India has seen in terms doing business.
"On the ease of doing business, the Economic Survey highlights that India has leapt 30 ranks over its previous rank of 130 in the World Bank‘s latest Doing Business Report 2018. Credit rating company Moody‘s Investors Service has also raised India‘s rating from the lowest investment grade of Baa3 to Baa2," the survey said.
"This has been made possible due to a host of measures undertaken by the government including implementation of the Goods and Services Tax, Insolvency and Bankruptcy Code, and announcement of bank recapitalization. A number of reforms to boost industrial growth include Make in India programme, Start-up India and Intellectual Rights Policy," it added.
Economic Survey 2018: Catch all the updates live on Moneycontrol blog here.
The survey, however, said that the next frontier on the ease of doing business is addressing pendency, delays and backlogs in the appellate and judicial arenas.
"These are hampering dispute resolution and contract enforcement, discouraging investment, stalling projects, hampering tax collections but also stressing taxpayers, and escalating legal costs. Coordinated action between government and the judiciary-- a kind of horizontal Cooperative Separation of Powers to complement vertical Cooperative Federalism between the central and state governments-- would address the “Law’s delay” and boost economic activity," the survey said.
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