India has pitched for a better ranking on ease of doing business apprising the World Bank about various reform measures taken in the past one year including relaxation in company laws. A two-member mission of the World Bank Group is visiting India to collect data and information for Doing Business Report, 2016. India ranked 142 among 189 nations in World Bank's Ease of Doing Business 2015 report.
A meeting was convened on June 8 at the Department of Economic Affairs (DEA) under the chairmanship of Additional Secretary Ajay Tyagi and attended by representatives from the DEA, Department of Industrial Policy and Promotion (DIPP), Ministry of Corporate Affairs and Central Board of Direct Taxes (CBDT), as well as members of the World Bank Group.
The Indian officials impressed upon the importance given by the government to improve regulatory environment across India, the World Bank Mission appreciated the efforts made by the government and promised to take note of initiatives taken by Government of India and State Government.
The members of the Mission Nadine Abi-Chakra and Baria Nabil Daye were also informed about the various reforms undertaken by the government, including, single step incorporation of companies through INC-29 Form, loans or guarantee to fully owned subsidiary company facilitated and process to approve related party transaction made simpler. The government is keen to improve ease of doing business in the country to attract foreign funds as well as spur domestic investments.