Continuous ranking of India at the bottom 10% in the ‘Ease of Doing Business’ report was a challenge that the Government took. Precisely speaking, India ranked 126 in ‘Trading Across Borders” component of “Ease of Doing Business”, out of 189 countries ranked by the World Bank, in its 2015 Report.
We as a nation are working towards positive change, and this blog will give you a real-life example of how the RBI, The Department of Commerce had set up an Inter-Ministerial Committee, The Directorate General of Foreign Trade (DGFT) and other representative departments took an initiative to tackle it out strategically.
The ranking under ‘Trading Across Borders” component of “Ease of Doing Business”, out of 189 countries ranked by the World Bank, in its 2015 Report invited immediate actions, reason being with India aiming to become big as Startup India and ‘Make in India’ it was essential for the government to start by removing glitches.
The first glitch that was resolved – Documents verified during Export and Import.
Previously the scenario was:
Now, to make things much simpler:
Only documents highlighted in green are mandatory.
The reduction in the number of mandatory documents leads to the corresponding reduction in Transaction cost and time. It is expected that this step would not only facilitate the ‘Ease of Doing Business’ in respect of ‘Trading across Borders’ but also improve India’s ranking on this parameter and encourage Startups to involve in the Global business expansion.
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