Topic: Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth.
5. At the heart of Ease of Doing Business (EoDB) reforms in India has been an extensive focus on rationalisation and digitalisation of regulatory compliances, encompassing the entire business cycle from start to exit. Discuss. (250 words)
Difficulty level: Moderate
Reference: Live Mint , Insights on India
Why the question:
Recently, a senior industry leader shared his first-hand experience of improved Ease of Doing Business (EoDB) in the country, mentioning how the allocation letter for a designated frequency band was issued within a few hours by the Department of Telecommunications.
Key Demand of the question:
To write about the role of easing of compliances and its digitisation in Ease of Doing Business (EoDB).
Structure of the answer:
Introduction:
Begin by giving context.
Body:
First, write about the various different aspects of compliances and its digitisation in Ease of Doing Business. Substantiate with statistics and bring about the impact of high cost of compliances on various macroeconomic parameters.
Next, write about the steps that are needed to be taken in order to further improve the above.
Conclusion:
Conclude by writing a way forward.
