Although India's ranking in World Bank ease of doing business report has not gone up, the number of Indian firms among the global rapid growth companies identified by the World Economic Forum (WEF) has increased from 17 in 2014 to 26 in 2016. Replying to a question in Lok Sabha, Minister of finance (state) Arjun Ram Meghwal said that India’s competitiveness has improved as per World Economic Forum's global competitiveness report 2016-17 and India rose 16 ranks faster to climb to 39th place among 138 countries.
The 26 companies that have been identified as global rapid growth companies are Allcargo Logistics Limited, Ola Cabs, Apollo Hospitals Enterprise Ltd, Apollo International Ltd, ATC Tires Private Limited, BMR Advisors, Centum Electronics Ltd, Dabur India Ltd, Educomp Solutions Ltd, Eram Group, Forbes Marshall Private Limited, Genpact Ltd, Jain Irrigation Systems Ltd, Nash Industries(I) Pvt. Limited, Navayuga Group, Paytm, Welspun Energy, Siddho Mal Group, Parle Agro, Sonata Software Limited, Sunjewels Group, Tandon Group, The Eastern Group, Transport Corporation of India Ltd, Velankanni Information Systems Private Limited, and WNS Global Services.
"In a landmark initiative, the Government of India has started assessing the ease of doing business reforms in the states every year. This has generated healthy competition among states to improve the ease of doing business and the momentum is picking up continuously, which is reflected in the survey results", he said.
Further, both Central and State Governments are making endeavors to reduce the compliance cost of tax filing. In majority of the states, tax filing has been made online, which has opened up provisions like e-payment gateway, e-filing service centres, establishment of tax database, advance tax provisions, and establishment of risk-based mobile check posts. Implementation of Goods and Services Tax (GST) will further improve the ease of doing business in the context to taxation.
