India’s giant leap on the ease-of-doing-business index, covering 23 points at one go, to land at the 77th place underscores the Narendra Modi government’s commitment to walk the talk. It is now the highest ranked economy in South Asia. In the last two years, India has made significant progress, covering 53 notches. In 2014, when the NDA assumed power, India’s position was 142. In four years, the government has undertaken major initiatives, including GST, the Insolvency and Bankruptcy Code, and labour laws reforms. The whole idea was to cut red-tapism and speed up the process of giving clearances. It is in sync with the government’s credo: Make in India and ‘minimum government, maximum governance’. The government wants to showcase the country as a business hub where much of the work of setting up a new business can be done online — a single window model for providing clearances and filing compliances. When getting electricity, dealing with construction permits, getting credit, paying taxes and trading across borders become seamless, it is bound to attract investment. Another key reform was setting up of commercial courts in Delhi and Mumbai to fast track disposal of commercial cases in these courts. At the end of the day, entrepreneurs want an enabling and supportive ecosystem. On top of that India has no dearth of skilled labour, an essential requirement. The government now needs to focus on building infrastructure. According to a Crisil report, India’s infrastructure spending is projected to be Rs 50 lakh crore between FY18 and FY22. It is aimed at providing a foundation for rapid and inclusive economic growth in the country. The government needs to stay on the track of reforms and imbibe the best global practices.

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