New Delhi, Aug 7 (IANS) The government on Friday said , based on an expert panel’s report, it has taken a number of steps to increase the ease of doing business in the country.
Minister for Finance and Corporate Affairs Arun Jaitley informed the Lok Sabha during Question Hour that the steps to improve business environment in India are based on the report “Reforming the regulatory environment for doing business in India”.
The report has been submitted by a committee headed by M. Damodaran, who served as joint secretary in the Banking Division of the Ministry of Finance. The report suggests reforms in legal process, boosting efficacy of regulatory practices and addressing state level issues.
“Steps taken by the government for greater ease of doing business include doing away with the requirement for minimum paid up capital; and removing the requirement of having a common seal by the companies,” Jaitley informed the lower house of parliament.
“Reducing the number of procedures for starting a company, by integrating the processes across different departments through ‘E-Biz’ platform of DIPP (Department of Industrial Policy and Promotion).”