India has undertaken sustained reforms over the past twelve years to improve its business regulatory environment and improve the Ease of Doing Business. These reforms have strengthened investor confidence, promoted entrepreneurship, and enhanced India’s position as a globally competitive business destination.
The Startup India initiative, launched in 2016, is nurturing innovation, promoting entrepreneurship and enabling investment-driven growth. Due to the efforts of the government, the number of Startups has gone upto two lakh 23 thousand in March this year from just around five hundred in 2016. The Income Tax Department launched the new e-filing portal in June 2021 to provide greater taxpayer convenience and a modern, seamless experience.
GST was introduced in 2017, and it replaced a fragmented and complex indirect tax regime that burdened businesses and consumers alike. GST reforms announced in September last year provided an additional boost to Ease of Doing Business. Talking to Akashvani News, a Chartered Accountant, Manoj Baser of Thane in Maharashtra said that the reforms brought by the government in direct and indirect taxes has brought economic stability.
To address procedural hurdles and simplify MSME registration, the Government introduced Udyam Registration Portal. The MSME registrations on the Portal has increased from ten thousand in October 2020 to over eight lakh 31 thousand till date.
To digitise and make public procurement more streamlined and inclusive, Government e-marketplace GeM was introduced in 2016. It is connecting women entrepreneurs, startups, MSEs, self-help groups and Divyangjans to mainstream procurement. It has achieved a cumulative Gross Merchandise Value of over 18 lakh crore rupees. Speaking to Akashvani News, a seller in GeM and CMD in company Kamini Gupta said, the process in GeM is simple and transparent.
(Byte – Kamini Gupta)
India’s Ease of Doing Business framework today reflects the combined strength of digital infrastructure, policy reforms, and trust-based governance.
