India a profitable place to do business: Govt 29/09/2014

India a profitable place to do business: Govt
29/09/2014 00:07
According to media reports, an official from the Indian government has stressed that India has climbed up the rankings in terms of being a profitable place to do business and that the Narendra Modi government is stepping up efforts to make Asia’s third business economy an easier place for business in a bid to woo foreign investors. Manoj Joshi, Joint Secretary in the Indian Finance Ministry, reportedly said that the Modi government is aiming to push India’s ranking in the list of ease of doing business from the current 134th place to atleast 50. "India has been ranked 134th on World Bank list of ease of doing business and Prime Minister Narendra Modi has said he wants to bring it up to at least 50," Joshi said, the PTI reported. "It is a profitable place to do business, although not an easy place. So, government has given it top priority to make it an easier place to do business," he said. The government is taking several measures to make the country an easier place to do business including easing land acquisition norms, FDI liberalisation in defence, insurance and railways sector, tax and financial sector reforms. "We have also taken steps for further liberalisation of FDI regime and many changes are being made in financial markets to allow foreign investors to directly participate in our markets. The revival of corporate bond market is also a key focus area," Joshi said, the PTI added.