'Streamlining taxation will help India reach top 50 in ease of doing business'

Lauding the government`s efforts in attracting a record $60 billion worth of FDI in a single year, he invited the domestic and global investors to reap dividends by investing in the infrastructure and logistics sector that provide huge scope.

IANS| Updated: Nov 02, 2017, 17:52 PM IST

New Delhi: Streamlining taxation along with healthy competition among states to attract domestic and global investors will help India break into the top 50 in the World Bank`s Ease of Doing Business rankings, Minister of State for Commerce and Industry C.R. Chaudhary said on Thursday.

"We need to think about providing incentives to the industry and we have been simplifying the procedures," Chaudhary said here while inaugurating an Associated Chambers of Commerce and Industry of India (Assocham) Ease Doing Business Summit.

He said that it is due to the efforts of all the stakeholders that India leaped 30 spots to 100th rank in the World Bank`s latest global rankings. 

"Our target is to come at 50th place and that will happen when we facilitate industrialists and investors.

"Without encouraging the manufacturing sector and without foreign direct investment (FDI), we cannot develop and come in the category of developed countries," he added.

He urged the industry to take steps to improve the quality of their products thereby adhering to "zero defect and zero effect" policy. 

"We need to maintain quality otherwise it will become very difficult for us to sustain in the international markets."

In this regard, he referred to the European Union`s ban on India`s basmati rice exports because of certain "technical points".

"We had sought time in our last meeting with representatives of France, President of Czech Republic as we need to spread awareness among farmers about not to sprinkle such pesticides.

"It is a very positive thing for our private players and entrepreneurs who are now directly collaborating with foreign companies and getting investments in the country which has been facilitated through ease of doing business," Chaudhary said.

Lauding the government`s efforts in attracting a record $60 billion worth of FDI in a single year, he invited the domestic and global investors to reap dividends by investing in the infrastructure and logistics sector that provide huge scope.

He also said that the government`s main focus is on enhancing production of quality material, attracting domestic and foreign investments in large numbers, enhancing exports and creating more employment opportunities.