CII signed agreement with NUS to improve India’s rating on ease of doing business

Confederation of Indian Industry (CII) signed a Memorandum of Understanding (MoU) with Lee Kuan Yew School of Public Policy, National University of Singapore (NUS) on 19 March 2015 to improve India’s rating on ease of doing business.

The MoU aimed to enhance the ease of doing business and bring the rating of India amongst the top 50 countries from the present 142nd slot as per World Bank Report.

The MoU was signed during the CII Conference on Make in India: Focus North oragnised by CII as part of CII Northern Region’s Annual Regional Meeting.

CII and NUS will conduct joint state level research across 11 parameters including starting a business, dealing with construction permits, getting electricity, land acquisition and registration of property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and labour market regulations.

Subsequently, this MoU would be followed by individual tripartite MoUs between the CII, NUS and respective state governments to in turn create state-wise Master plan for ease of doing business and then prepare a comprehensive state-level action plan.

The NUS would study where the states stand presently on various parameters, guide on the specific best practices to be adopted by different states, handhold them and would also analyze their improvement on year on year basis.

Addressing the issue of ease of doing business is crucial for accelerating growth and job creation as the Make in India campaign aims to position India as a world class manufacturing destination.

However, in order to realise this potential, the major thrust needs to be placed on improving the investment climate in states ranging from ease of doing business, structural & regulatory reforms to enabling infrastructure.

Singapore is ranked at no.1 country in ease of doing business.