TOPIC: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment.;Inclusive growth.
4) Discuss the steps taken by the government for improving the ease of doing business in India and what more needs to be done.(250 words)
Why this question
Ease of doing business is an important parameter to gauge the openness of an economy and prospects of a business. India has significantly improved its ease of doing business rankings but there is still lot more to do. The issue is related to GS 3 syllabus under the following heading-
Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment.
Key demand of the question
the question simply wants us to discuss various initiatives taken by the government to improve the ease of doing business in India and what more could be done for the same.
Discuss- we have to write in detail about the given issue- what steps have already been taken, and what more needs to be done.
Structure of the answer
Introduction– mention the present ranking of India in ease of doing business and mention the improvement.
- discuss in points what has already been done by the government. e.g SWIFT initiative, GST, Insolvency and Bankruptcy code, National Investment and Infrastructure Fund (NIIF) with the aim to attract investments from both domestic and international sources for infrastructure development in commercially viable projects, Foreign Investment Promotion Board etc.
- Discuss what more should be done by the government. e.g simplifying FDI policy and merger and acquisition policy, clearing the concept of control and economic ownership etc.
Conclusion- mention the importance of ease of doing business for entrepreneurs, businesses and development.