Ease of doing Business Crucial if India wants to Scale Ambitious Peak of $5 Trillion
- By NewsOnFloor Staff
- Jan 11, 2020
- 269 views
The Indo American Chamber of Commerce held a roundtable with Khaitan Co-hosting 30 of the top CEOs and Chairmen on the subject.
The Indo American Chamber of Commerce plays a pivotal role of promoting and assisting companies with interest in doing business in both countries. Right from creating the need providing research assisting in setting up and thereafter also being their voice in conveying the pain points to both governments.
Today deliberation was one of the first in a series of listening to the pain points of companies operating in Maharashtra (which contributes 20% of India GDP) noting the suggestions for improvement and quantifying the impact of the same. Maharashtra has an ambition of becoming a trillion dollar economy by itself and will play a crucial role in India reaching its target of becoming a $5 trillion economy.
Mr. Naushad Panjwani President (West)Indo American Chamber of Commerce opened the roundtable with the following statement;The present govt has done well to introduce structural reforms be it in the segment of labour laws banking bankruptcy digitization and GST amongst others. These reforms were long overdue and the intent of introducing them was right but these could have been executed better.
Mr. Saurabh Shah VP (West)-Indo American Chamber of Commerce said It is heartening to see the Prime Minister personally meeting the industry leaders taking a cue from that we are meeting leaders of the next rung of companies and going to 10 cities (Mumbai Navi Mumbai Pune Aurangabad Nashik Nagpur Ahmedabad Surat Vadodara and Goa) to get a very wide perspective of their challenges.
A detailed white paper on the same will be presented to the state chief Ministers relevant union ministers and respective American Consulates along with engaging with them on the subject.
Ease of Doing Business in India Roundtable ndash; Key Takeaways
Digitization is a key-Be it in compliances stamp duty court records or land records. While we are on track the process needs to be accelerated integrated and simplified.
Key to have clear rules ndash; This is necessary to avoid any issues in interpretation or delay in implementation. Further the punishment/ penalty should be clear severe and uniform.
Facilitation - Focus should be on facilitation rather than on regulation.
Pendency of courts-This area needs a lot of work. Some thoughts include increased use of digitization artificial intelligence etc. Another suggestion is to have mediation; or conciliation; as pre-requisite before approaching any judicial authorities -this will reduce number of cases being filed.
Capacity building-More focus on capacity building by all Governmental/judicial authorities. Forums like AICC can play a big role in this area.
Easy access- Automated process to access government facilities. Say access to ESI hospitals PF withdrawals etc.
Ease of doing business - Time taken to setup and close business needs improvement. We need to provide incentives and handholding to set-up businesses and documents/ compliances required ndash; while some states are performing well in this area as a country we are far behind our developed counterparts.
Performance review-To incentivize better performance accountability a clear performance evaluation system needs to be implemented at Governmental authority level.
Source : newsvoir