Union Finance Ministry. (PC-PTI)
Assam, Haryana, Himachal Pradesh and Punjab are the latest states to complete the "ease of doing business" reforms, the Ministry of Finance said on February 6.
This has allowed the four states to raise additional loans worth Rs 5,034 crore through Open Market Borrowings.
A total of 12 states in India have so far completed the ease of doing business reforms - which are aimed at increasing private investment and creating an atmosphere conducive for business.
Earlier, Andhra Pradesh, Karnataka, Kerala, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu and Telangana had reported completion of the reforms.
The 12 states have been cumulatively granted additional borrowing permission of Rs 28,183 crore. Statewise, the maximum permissible limit was bagged by Tamil Nadu (Rs 4,813 crore), followed by Karnataka (Rs 4,509 crore) and Rajasthan (2,731 crore).
Assam, Haryana, Himachal Pradesh and Punjab - the latest to join the list - are permitted to mobilise additional borrowings of Rs 934 crore, Rs 2,146 crore, Rs 438 crore and Rs 1,516 crore, respectively.
The ease of doing business, an indicator of the investment friendly business climate in the country, "will enable faster future growth of the state economy", said the finance ministry as it justified its decision to link grant of additional borrowing permissions to the completion of reforms.
The reforms stipulated in ease of doing business category include "elimination of the requirements of renewal of registration certificates/approvals/licences obtained by businesses under various Acts," the government release said.
"Implementation of computerised central random inspection system under the Acts wherein allocation of inspectors is done centrally, the same inspector is not assigned to the same unit in subsequent years, prior inspection notice is provided to the business owner, and inspection report is uploaded within 48 hours of inspection," the ministry said.