The government proposes to reduce the time taken to register a business from 27 days to one day.
Union Commerce and Industries Minister Nirmala Sitaraman listed a eight-point action plan to make the government's ambitious ‘Make in India’ plan a huge success.
The government has identified 8 key areas where it plans to amend existing rules and regulations.
1. Starting a business
Currently, there are several bottle necks in starting a business. The government proposes to reduce the time taken to register a business from 27 days to one day.
2. Dealing with construction permits
Now, it takes 168 days and 35 procedures to deal with any construction process. The government wants to consolidate and streamline the approvals.
3. Getting electricity
It takes 67 days and 7 procedures to get an electricity connection. The government will cut it down to just one procedure and get the connection sanctioned in a week.
4. Registering property
It includes five different procedures and 30 days to register property. The government plans to make the procedure online.
5. Paying taxes
On an average, a firm makes 33 tax payments in a year and spends 243 hours in filing taxes. The government wants to reduce number of taxes and allow online payment.
6. Trading across borders
Exporting goods requires 9 documents, takes 16 days and cost $1170 while importing requires 11 documents, takes 29 days and costs $1250.
The government wants to reduce documentation process. Just three documents will be required.
7. Enforcing contracts
Enforcing a contract takes three to six years. Now the government plans to set up fast track courts.
8. Resolving insolvency
The government wants one law to deal with insolvency issues.
.jpg)