As a new government prepares to take office for its upcoming term, there is widespread speculation regarding potential changes aimed at enhancing the ease of doing business. Over the past few years, numerous adjustments have been implemented to minimize costs and proceduralbdelays associated with business formation and operations.
The initial wave of reforms aimed at improving the ease of doing business resulted in a significant leap in Indias global rankings on the World Banks Doing Business Report, soaring from the 142nd position in 2014 to 63rd. These reforms streamlined processes related to business establishment by simplifying procedures for applications, renewals, inspections, and record filings.
Moreover, legal provisions underwent rationalization through the repeal, amendment, or omission of redundant laws. Government processes were digitized, introducing online interfaces, and there was a move toward decriminalizing minor technical or procedural defaults.
However, despite these strides, much remains to be accomplished.
We invite you to share your thoughts in the comment section regarding the changes that the new government should prioritize in its forthcoming term.
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