New Delhi: With the criticism from the investor community increasing, the government is planning to take steps to improve ease of doing business in the country.
As part of this, the government on Friday introduced a single integrated electronic application form to simplify the procedure for an entrepreneur to set up a new company.
This is expected to improve the ease of doing business in the country even as finance minister Arun Jaitley on Friday expressed confidence that the Indian economy would grow by nine per cent in the coming years.
The new single e-form can now be used instead of separately filling up at least five e-forms by entities seeking to incorporate a company in India.
The new single e-form could be used by the entities to apply for company name, director identification number (DIN) and registration of company.
This is part of a series of steps, which the Narendra Modi government has taken to ease the doing of business. The government wants to raise India’s rating in the World Bank’s ease of doing business list to 50th position from the current 142nd position.
The government is also planning to integrate three labour laws into a single code, which among others might make it tougher to set up worker unions while the companies would not need any official sanction before taking any termination action if their staff strength is up to 300. The government officials, however, said the proposed moves are aimed at improving ease of doing business and are not necessarily “anti-workers”.
Besides, only employees will be permitted to form unions, and in the unorganised sector, two outside officials can become members of a union.
Prime Minister, Narendra Modi, meanwhile, would be meeting the ministers and secretaries of infrastructure ministries including road transport and shipping, civil aviation, power and new and renewal energy on Saturday to take stock of projects and chart out future course of action. Earlier this week, the finance ministry had called a meeting to heads of banks and top officials of various infra ministries to push large projects.
