Diplomatist Magazine Oman 2018 - Special Report | Page 30

also been successfully introduced. With this,
we have moved towards a modern tax regime
which is transparent, stable and predictable.
Since big reforms such as demonetisation,
GST and the Banking and Insolvency Act were
introduced after the coverage period for Doing
Business Report 2018, their impact will be felt
in the 2019 report.India is now all geared up
to be counted among the top 50 of the World
Bank’s Doing Business rankings before 2022.
To attain this goal, the Indian Government
now plans to introduce vital reforms to land
ownership, labour laws, and the judicial
process. In fact, India has already initiated many
steps in this direction. With e-governance, a
single window concept can be introduced where
companies can fi le their application online for
permission to acquire land, register property, get
a construction clearance, etc. This will go a long
way in improving the business climate.Another
step in the right direction is that the Department
of Industrial Policy and Promotion (DIPP) has
already begun undertaking its own much wider
evaluation across all the major Indian cities.
The idea is to calculate the economic progress
30 • INDIA-OMAN • 2018
Oman can benefi t
tremendously
with the business
opportunities
available in India,
given the size
and scale of our
potentials and the
skilled hands that
India offers.
divide between more progressive cities (like
Delhi and Mumbai) and the less progressive
ones (like Aligarh and Meerut) and plan steps
to bridge this gap.
India is moving up fast in other related
global indexes also. In the last three years,
India has moved up 31 places in the Global
Competitiveness Index of the World Economic
Forum. In the Global Innovation Index of
the World Intellectual Property Organisation
(WIPO), India has climbed 21 places in the
last two years. Similarly, India moved up 19
places on the Logistics Performance Index of
2016 released by the World Bank.
India: