Sir,
Amidst all the apprehensions and controversies on reforms introduced by Modi’s Governemnt at helm, here comes a big news of relief for the Government, i,e., India scaled 30 notches up from 130th position to 100th position. No one can deny the fact that ease of doing business in our country has become easier in last few years, thanks to drastic changes that have been brought by the present Government. These changes which helped improving doing of business environment include:
* Getting electricity connection in lesser time and minimum paperwork.
* Requirement of bare minimum capital for starting Limited Liability Partnership.
* Facility of quick loan at affordable rate thanks to CIBIL.
* Protection of minority shareholders’ interest to promote corporate governance.
* Streamlined procedures and formalities for construction permitting system.
*Business friendly tax payment and regulations systems.
*Involvement of lesser time and cost in cross border trade.
* Speedy resolution of commercial disputes and judiciary process.
* Easier norms for labour market.
* Sound process for resolving insolvency related problems.
To great extent, Modi’s efforts have paid off for Govt. But, there are many more grey areas where we can do much better to improve our rank further and compete with fast emerging economies and to attract foreign exchanges in the years to come. One of the prominent steps is to promote and encourage venture capital house to lend funds to young pass-out MBA graduates. The main bottleneck in our economic system is inherited bureaucratic approach which hampers every out of box thoughts. Yes, we do need some sorts of this kind of working culture in a few departments but now it is high time that we need to dispense with it at least in departments dealing with entrepreneurs.
Although, we need good infrastructure facilities like roadways, uninterrupted power supply, reliable railways, etc. but it will take time to fulfil these aspirations. Yet, we can certainly do things like, discontinuation of unnecessary paper work and streamlining various regulatory clearances to remove delay tactics by official. Last but not the least, the only major hurdle that India faces today is corruption and red-tapism tactics which need to be eliminated as soon as possible to make our great country business friendly destination.
Yours etc…
Jigmet Stobdan
Assistant Professor
GDC Billawar
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