Business Registration in just 3 Days
Updated: Aug 5, 2020
The Department for Promotion of Industry and Internal Trade or DPIIT, is working on the next set of measures for improving India’s Ease of Doing Business ranking by 27 places for the country to enter the top 50. At present, there are issues on name reservation that is being sorted out by the ministry of corporate affairs, said a senior government official.
A single layer of the process in HTML format is proposed, to register companies with central agencies. An alternative to authentication in place of digital signatures will also form part of this plan.
An alternative to authentication in place of digital signatures will be established as part of this plan to speed up registration.
India’s effort in the direction also led to World Bank recognising India as one of the top improvers for the year. But it has a long way to go before it can catch up with China which is ranked at 46 place, the US (4) or even Singapore (2).
The indicators for the ranking that are taken into consideration by World Bank are starting a business, getting electricity, dealing with construction permits, getting credit, paying taxes and trading across borders.
There are, however, some teething issues which have to be taken care of. There are glitches in name reservation that is being sorted out by the MCA. Here the involvement of multiple agencies delays the clearance process. A seamless process is being proposed for registration with all central agencies being brought under a single layer.
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