To improve India's ranking on next year World Bank's "Doing Business" report, Commerce Secretary Rajeev kher may meet all concerned departments on Tuesday to discuss issues regarding reduction in transactions cost. According to the report, India slipped by two notches to 142 from 140 in 2014 out of 189 countries covered. Prime Minister Narendra Modi wants India to break into top 50 by the end of 2016. "Commerce Secretary has already written to all departments. Now he is likely to meet 18 departments i.e. revenue, shipping ,agriculture, road transport, environment, telecom and port on Tuesday," sources close to the development told The Pioneer.
The Directorate General of Foreign Trade (DGFT), under the Commerce Ministry has prepared a report suggesting various ways to improve India's ranking in the World Bank's report of ease of doing business, reduce transactions cost for exporters and boost outward shipments. The ministry also aims at reducing the number of mandatory documents from seven to three (bill of lading, invoice and shipping bill) for exports, and from ten to four for imports.
"DGFT is also meeting the officials of the different departments including revenue and shipping on regular basis and visited all the major ports to achieve the goal. Reduction in paper work would improve ease of doing business, reducing transactions costs and time and also boost India's exports," sources said. Documents which could be dropped or merged for exports include statutory declaration form and terminal handling receipt while for imports product manual, inspection report and charter engineering certificate.
The DGFT is also making several procedures online like taking Import-Export Code (IEC) and cargo release order. Besides, other departments like the Department of Industrial Policy and Promotion (DIPP), too, has taken series of steps to improve India's ranking. During April-November, the country's imports were up 4.65 per cent to $316.37 billion, while exports were up 5.02 per cent to $215.75 billion. Trade deficit during this period stood at $100.61 billion as against $96.89 billion in the same period last fiscal.