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'Need more ease of doing business to be self-reliant'
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SME Times News Bureau | 21 Jun, 2020
Steps for bringing further ease of doing business in the country will
help bring more domestic and foreign investments, and help India in its
aim of becoming self-reliant, a Confederation of Indian Industry (CII)
statement said on Sunday.
The industry body has identified immediate and medium term measures in terms of ease of doing business to boost the economy.
"While
many policies have been announced for a facilitative investment
climate, effective translation into ground-level outcomes will help
investor perceptions and further boost confidence. We believe that
taking the ease of doing business route can unlock huge potential at a
time when the world is seeking new investment opportunities," said
Chandrajit Banerjee, Director General, CII.
The statement noted
that central and state governments have introduced a plethora of reforms
across the various areas of doing business, which helped India leap to
the 63rd rank in the latest Doing Business Report of the World Bank.
Sustaining this reform momentum can drive new investments including from overseas, CII said.
It
has sought effective implementation of Online Single Window System as
the first step towards strengthening ease of doing business. Regular
monitoring by the Chief Secretary of a state, time bound approvals and
single interface should be implemented in all states, it said.
Currently, only 21 states have implemented this system.
For
a business entity, there should not be any other point of interface
with the government, other than the single window system, it added.
CII
noted that simplifying property registration and acquisition of land is
critical. Industry should be permitted to buy land directly from
farmers with deemed approval after 30 days. Digitisation and integration
of land records and single online portal with integrated information
can help in titling.
Compliances for labour regulations could be speeded up at lower costs, according to the industry body.
As
per CII, enforcing contracts is a challenge due to insufficient
commercial courts and infrastructure. It suggests major digital reforms
such as virtual court proceedings, e-filing, and work from home to speed
up court deliberations.
The Alternative Dispute Resolution
institutions can be expanded in all parts of the country with
arbitration and mediation centres, it said, adding that over the medium
term, judicial capacity must be enhanced with specialized commercial
courts at High Courts and District Courts.
It also said that
MSMEs need a special helping hand and should be exempted from approvals
and inspections for three years under state laws while following all
rules. Self certification route can be used for renewal and approvals
for MSMEs with a good track record.
India's high logistics costs
impact its competitiveness, said the statement. This will require medium
term action such as increasing the share of railways and waterways in
transport, improving first-mile and last-mile connectivity and reducing
port dwell time.
Cross-subsidisation of freight should be rationalised, CII said among other suggestions.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 08 Jul, 2020 |
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