India can be among top 50 on World Bank’s ease of doing business index: Jaitley

29 Jan 2018 Evaluate

Union Finance Minister Arun Jaitley has expressed hopes that India can be among top 50 on World Bank’s ease of doing business index, if various machineries, including the tax department, make concerted efforts to improve the three laggard parameters. He also said that WTO talks have not made much progress in most areas excluding trade facilitation, which helps cut costs and make it more efficient. Therefore, he noted that even without international agreement to that effect, it is even within larger benefits and interest of domestic economy to ensure that trade facilitation takes place.

Talking about the success achieved by India in Ease of Doing Business ranking, the minister said that the country has moved ahead from 142 to 100th position in the last three years and the last 30 being in one year. He noted that out of the 10 criteria which the World Bank followed, there were actually three that need to be improved — one relating to municipal permission for land and buildings, the second related to trading across borders and the third one is to do with contract enforcement. He added that each one of these has a number of minute details which they need to satisfy and most of them are not very difficult to satisfy.

Jaitley further said that the Department of Industrial Policy and Promotion is working on the improvement in the three laggard parameters. He also said that with these, to come down substantially below 100 is reasonably possible and in one (trade facilitation) of them customs department has a role. Regarding the role of customs and the entire tax department, he stated that it has been evolving with changing nature of economy and with increased tools of technology now being available. He noted that as the economy itself has expanded the nature of each of these taxation departments also have to change. He also explained that in income tax, the base is becoming larger and it is bound to enlarge and therefore charging higher rates from few selective groups which has traditionally done is an area which has been changing.

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