The Department for Promotion of Industry and Internal Trade held a meeting discussion with the concerned ministries, officials from the industry and respective departments to promote ease of doing business in the country. Suggestions and inputs were sought from the attendees on pertinent issues involving the National Single Window system, Jan Vishwas Law 2.0 and the World Bank’s Business Ready (B-Ready) Index Report.

The meeting chaired by DPIIT Secretary Rajesh Kumar Singh and attended by several senior officials from concerned departments and ministries was held to address the concerns over the conduction of business in India in light of the new upcoming laws and worldwide compliance mechanisms.

With the projected introduction of administrative adjudicatory mechanisms, the pressure on the judiciary is likely to reduce. Crimes that are not considered to be a menace enough to society have either been entirely decriminalised or the imprisonment provisions have been replaced with fines and penalties.

Indian Business System And Investors Across World

The Business Ready or B-Ready report, which is set to be released for the first time on September 25, 2024, replaces the World Bank’s previous ‘Doing Business Index’. The index is being discontinued due to deviations in data in its previous reports. The new B-Ready report will set standards for assessing the investment and business scenarios in economies across the world.

The report seeks to inculcate transparency and integrity while focusing on the regulatory and public services frameworks designed for firms and businesses. The report emphasises 10 topics of importance involving the life cycle of a firm; from the inception to the wrapping up of a firm. Business entry, utility services, financial services, taxation, insolvency, business location, labour and market competition lie at the core of the report.

The National Single Window System (NSWS) was launched by the government in 2021. It seeks to facilitate investors by creating a ‘one-stop-shop’ to get clearances, permits and approvals for their ventures. It reduces multiple approval requirements by enabling applications for such permissions through one portal itself.

The NSWS is a digital portal which averts the need to obtain different approvals from stakeholders by running from one office to another. It is an integrated system that has been adopted by multiple states and central agencies.

These initiatives are aimed at taking India one step ahead in ease of doing business.

For queries and more information, FAX the DPIIT at 011-23062626. Stay tuned to Jaagruk Bharat for more updates related to policies and schemes.