Top 10 Steps taken by the Indian Government for improving Ease of Doing Business in India for Foreign Individuals & Foreign Corporations for increasing inflow of FDI in India

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The Indian government has undertaken various measures to improve the ease of doing business in the country, with a particular focus on attracting foreign individuals and corporations. These steps have aimed to simplify regulatory processes, reduce bureaucratic hurdles, and create a more business-friendly environment. The entire process involves expediting the entire process of incorporation of a Company by foreign individuals, easing the norms for business setup in India by foreign individuals or setting-up of business by foreign individuals in India, simplifying tax norms for Companies run by foreign individuals in India, simplifying the process for India business entry by foreign individuals, simplification of FDI norms for Corporations run by foreign individuals in India, making friendly changes in the Corporate laws of India or the Business laws of India etc.
1. Make in India campaign: Launched in 2015, the Make in India campaign has been instrumental in promoting India as a global manufacturing hub and attracting foreign investment. The campaign emphasizes ease of doing business, simplification of regulations, and creating a favorable investment climate. It has led to the introduction of several policy reforms and initiatives aimed at streamlining processes for businesses.
2. Single-window clearance system: The Indian government has implemented a single-window clearance system for investors, which allows for faster and more streamlined approvals for setting up businesses. This system consolidates multiple approvals and permits into a single application, reducing bureaucratic red tape and improving efficiency.
3. Goods and Services Tax (GST): The implementation of the Goods and Services Tax in 2017 was a landmark reform aimed at simplifying the tax structure and unifying the tax regime across the country. The GST replaced multiple indirect taxes, eliminating the cascading effect of taxes and creating a more transparent and uniform tax system. This reform has significantly eased the compliance burden for businesses, including foreign entities operating in India.
4. Insolvency and Bankruptcy Code (IBC): The introduction of the Insolvency and Bankruptcy Code in 2016 has been a significant step towards improving the ease of doing business in India. The IBC provides a time-bound and efficient framework for resolving insolvency cases, enhancing creditor rights, and promoting ease of exit for businesses. This reform has instilled confidence among investors and improved the overall business environment.
5. Online business registration: The Indian government has made efforts to simplify and digitize the process of business registration. The introduction of online platforms such as the Ministry of Corporate Affairs’ MCA21 portal has streamlined the registration process, reducing paperwork and processing time. Foreign individuals and corporations can now register their businesses more efficiently, enabling quicker entry into the Indian market.
6. Intellectual Property Rights (IPR) reforms: India has taken significant steps to strengthen its intellectual property rights regime. The government has implemented reforms to streamline and expedite the process of trademark and patent registrations. This has provided better protection for intellectual property rights and fostered innovation and creativity, attracting foreign entities with valuable intellectual assets.
7. Infrastructure development: The Indian government has recognized the importance of robust infrastructure for facilitating business growth. Major infrastructure projects have been initiated in sectors such as transportation, energy, and logistics. Initiatives like the Bharatmala project for road development, Sagarmala project for port development, and the Smart Cities Mission aim to improve connectivity, logistics, and urban infrastructure. These efforts have positively impacted the ease of doing business in India by addressing infrastructure gaps.
8. Foreign Direct Investment (FDI) policy reforms: The Indian government has progressively liberalized its FDI policies, making it easier for foreign individuals and corporations to invest in various sectors. The FDI regime allows for higher limits and automatic approval in many sectors, reducing the need for complex approval processes. This has encouraged foreign investment inflows and facilitated business expansion for multinational corporations.
9. Streamlining of customs procedures: The Indian government has taken steps to simplify customs procedures and expedite cross-border trade. The implementation of the Indian Customs Single Window Project and the introduction of electronic documentation and clearance systems have reduced paperwork, improved transparency, and reduced clearance time at ports and airports. These measures have enhanced the ease of doing business for foreign entities engaged in import-export activities.
10. Focus on digital initiatives: The Indian government has prioritized digital transformation and the adoption of technology in various sectors with the objective to ensure the adoption of latest technologies across different sectors.
Authored By: Adv Anant Sharma

 

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