The government prepares a plan to bring India to the 50 easiest business rankings

NEW DELHI: The government set the road map on Tuesday to get India into the top 50 countries of the World Bank The ease of doing business rankings with Prime Minister Narendra Modi brainstorming with ministries.

The government has already developed a strategy to focus on Kolkata and Bangalore, the two new cities that will be reviewed by the World Bank after expanding the scope of the annual exercise to cover four Indian cities. Conversations have been held with senior state government officials in West Bengal and Karnataka, who have offered full cooperation. Each state wants to do well, said a center source.

Currently, India occupies the 63rd position and the government is placing special emphasis on areas such as the execution of contracts, the registration of properties, the start of a business and the payment of taxes, while remaining focused on improving other aspects to move up in the classification.

It's like a competitive test, where its rank also depends on how the other countries perform, a source said.

The sources said the department of industry promotion and internal trade made a detailed presentation on the areas in which each department should focus this year.

Although the government has established special courts to improve the environment in the application of contracts, according to sources, this aspect may need attention for a change in behavior as well as greater awareness. Similarly, in the case of property registration, earnings may not be immediately visible since the World Bank wants a close review of the system with greater digitalization and availability of property records for several years.

In paying taxes, the government's efforts to merge multiple liens through the goods and services tax (GST) have had limited gains, although the proposed steps for reimbursements can help the government. Similarly, the recent reduction in corporate tax may have some impact since the tax contribution as a proportion of earnings is one of the measures used.

In case of starting a business, the government is not happy with the repeated change of objectives by the World Bank and believes that several steps have already been initiated.

Several reform initiatives that were rejected were discussed. For example, there was a proposal to include operational creditors, such as sellers, in the creditors' committee that decides on the corporate bankruptcy resolution, which has been rejected because it would require the rewriting of the Insolvency Code.