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30 October 2018
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Ease of doing business (The Total Investment & Insurance
Solutions)
Commerce and Industry Minister Suresh Prabhu
hinted at improvement in India's ranking in the World Bank's ease of doing
business report, to be released Wednesday.
"Tomorrow, you will be hearing a better
news about India improving parameters on ease of doing business. We already
have improved substantially. We will make the formal announcement tomorrow with
the World Bank (releasing its report)," Prabhu said here Tuesday.
India jumped 30 places to rank 100th among
190 nations in the last year's World Bank's 'ease of doing business' index.
The World bank ranks countries based on 10
parameters, including starting a business, construction permits, getting
electricity, getting credit, paying taxes, trade across borders, enforcing
contracts, and resolving insolvency.
According to sources, improvement is expected
in parameters, including construction permit, starting a business, and trading
across borders. Further talking about India-US trade relations, the commerce
minister said that New Delhi is actively engaged with Washington to resolve the
issues .
He said that India would like to work with
the US on global challenges to multi-lateral trading system and matters related
to existential issues of the World Trade Organisation (WTO).
"We have some trade issues with the US,
but we can resolve them," he said, adding India-US strategic and
commercial dialogue is expected in January, in which US Commerce Secretary
Wilbur Ross may participate. He added that India is a growing economy and it
offers huge advantages for the US companies.
Citing a report, he said about 2,300 firms
operating in China may be looking to shift their bases outside and "we
want to offer them a choice based on intrinsic advantages that India
offers". "I have always been saying this that if you actually have a
relationship with India, India can never pose a strategic challenge to the
US," he said .
Senior officials of India and the US are
already in discussions to finalise a kind of trade deal. Both the sides holding
two track discussions -- to increase trade in short and medium term, and
identify long term trade potentials.
India
is pressing for exemption from high duty imposed by the US on certain steel and
aluminium products, resumption of export benefits to certain domestic products
under their generalised system of preferences (GSP), greater market access for
its products from sectors such as agriculture, automobile, auto components and
engineering.
As many as 3,500 Indian products from
different sectors like chemicals and engineering get duty-free access to the US
market under the GSP, introduced in 1976. On the other hand, the US is
demanding greater market access for its farm and manufacturing 10/30/2018 Ease
of Doing Business: Suresh Prabhu indicates improvement in India's ranking in
World Bank's doing biz index.
India's exports to the US in 2017-18 stood at
USD 47.9 billion, while imports were USD 26.7 billion. The trade balance is in
favour of India. The Total Investment
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