World Bank in collaboration with International Finance Corporation (IFC) is keen to conduct the study on Delhi to ascertain the business scenario in the Capital. Secretary in the Ministry of Commerce and Industry (industrial policy division) Amitabh Kant has written a letter to Delhi Chief Secretary SK Srivastava requesting him to provide all the related information to World Bank study team as well as simplifying the procedures wherever possible. The Ministry has also directed the Delhi Government to conduct a detailed study of areas and sector where investment could be made.
Similar study for the year 2014 has placed India on 134th rank among 189 countries. This reflects negatively on prospects of India being considered as a favoured investment destination. Previous study was conducted in Mumbai but now the study will be conducted in Delhi and Mumbai both. Considering that the study for the year 2014 gave negative connotation in terms of business and investment scenario, the study for the year 2015 has assumed more significance.
“It is important that adequate steps are taken immediately so that right information is disseminated about the covered process,” stated Kant in his letter. The areas, in which rank of India is beyond 100, are - starting a business, getting electricity, enforcing contracts, dealing with construction permits, paying taxes and resolving insolvency. These parameters required immediate improvements
Amitabh Kant has further underlined the significance of this study. “In order to improve India’s rank, it is requested that adequate necessary steps should be taken in these areas and wherever possible number of procedure, number of forms and time taken in the procedure should be reduced to minimum and the procedure should be made on line and trackable,” he elaborated in his letter to the chief secretary.
Taking cognizance of the letter, the Chief Secretary has directed Secretary (Industry) as well as other departments to provide the information required in the study and also to simplify the procedure. He aso assured Kant that all necessary steps are being taken. This study of World Bank will impact the rank of India in terms of doing business and also on investment fronts. India needs huge investment in several sectors. World Bank Group assistance to India between July 2013 and June 2014 amounted to $6.4 billion. The study assumed high significance as India can attract more investment in new sectors like infrastructure if the country improved its rank.