With the government taking out about 1,200 laws off the statute books, India Inc today said some more “archaic and outdated” laws can be further simplified.
Speaking at an event here, President of industry body CII (Confederation of Indian Industry) Shobana Kamineni also said if some best practices are followed across the country, India’s position in the World Bank’s ‘ease of doing business’ ranking will further improve.
President of Ficci (Federation of Indian Chambers of Commerce and Industry) Pankaj Patel said the government should also consider reforms in the area of regulators as they impact the cost as well as ease of doing business significantly.
Terming India’s jump in EODB (ease of doing business) ranking a phenomenal achievement of the government, Kamineni suggested that risk profiling of industry sectors for a differential exemption regime may be considered by the government.
“For example, low risk sectors need not apply for certain approvals,” she said.
She further said it is commendable that the government has taken about 1,200 laws off the statute books.
“Enforcing contracts is an area where the rank can be improved. Some archaic and outdated laws related to various issues can be further simplified,” the CII chief said.
Patel said jump in EODB ranking reflects the government’s determination to take bold and far reaching reforms required to transform India into a New India.
“There are number of areas where our rank may not have improved significantly but at least the direction is there to make that process more efficient and simpler in terms of compliance,” he said.
Starting a Business, construction permits, enforcing contracts, registering property and other such areas needs improvement for the efficient functioning of the business organisations, he said.
According to the World Bank, India’s rank on ‘ease of doing business’ scale has risen from 130th to 100th this year, helped by a slew of reforms in taxation, licensing, investor protection and bankruptcy resolution.