Ease of Doing Business in India
The Investment & Technology Promotion (ITP) Division has been created within the Ministry of External Affairs (MEA), Government of India to give a definite direction and focus to the economic diplomacy strategy of MEA. It works closely with Indian Missions abroad and Government Ministries/Departments as the nodal Division on trade and investment related matters. It also engages with Export Promotion Councils, Chambers of Commerce & Industry, and industry associations on promoting our common objectives of facilitating trade & investment.
Some of the areas that ITP Division handles in conjunction with other Ministries are consultancy services, civil aviation matters, foreign investment etc. It also provides support to our Commercial Wings abroad in the form of resources and information to enable them to carry out their functions in an efficient and effective matter.
Foreign Direct Investment flows during the 2014-2015 reached US $ 44 billion. FDI has also the first time in seven years exceeded the current account deficit. The government’s continued push towards FDI liberalization will continue to aid FDI flows. The Financial Times of London in its ranking of the top destinations for greenfield investment (measured by estimated capital expenditure) in the first half of 2015 shows India at number one, having attracted roughly $31 billion more than China and $4 billion more than US.
The World Bank now ranks India at 130 out of 189 countries on the East of Doing Business. That is up 12 places from its original ranking last year and 4 places from its rank on a revised list. According to the WB report, it takes 29 days to start a business in India today, unlike the 127 days it used to take in 2004. The biggest improvement was seen in the area of providing electricity connection to businesses, where India’s ranking improved from 99 in 2015 to 70 in 2016. India is ranked 8th in terms of protecting minority investors, 42nd in getting credit. For detailed information, click the links: