In a stimulating conversation on Akashvani Spotlight, esteemed business journalist Sushma Ramachandran and anchor S Rangabhashyam shed light on India's commendable progress in improving the ease of doing business over the past nine years. Through extensive regulatory reforms and policy initiatives, the Indian government has diligently worked towards simplifying bureaucratic processes, promoting transparency, and nurturing an environment conducive to corporate growth.

The discussion commenced with an exploration of the transformative single window system, revolutionizing the establishment of industries and factories in India. By centralizing approvals and clearances, this change has significantly simplified the lives of both domestic and foreign investors.

Spotlight on India's Remarkable Journey: 9 Years of Ease of Doing Businesshttps://t.co/dNlHMImuGK

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The conversation then turned to the goods and services tax (GST), hailed as one of the most significant reforms since Independence. Sushma Ramachandran praised the implementation of GST for streamlining taxation processes, enhancing revenue inflows, and eliminating the complexities of multiple taxes. The successful transition to a unified tax system has not only facilitated business operations but also bolstered India's economic growth.

The discussion further delved into the government's efforts to disinvest in various sectors, such as aviation and oil. Sushma Ramachandran commended these initiatives, emphasizing the government's focus on providing essential services like education, healthcare, and housing while leaving business operations to the more efficient private sector. The recent disinvestment of Air India was highlighted as a significant achievement, relieving the burden on the exchequer.

The conversation also addressed the transformation from a red-tape-ridden environment to a welcoming and business-friendly atmosphere in India. Sushma Ramachandran credited digitization for this shift, emphasizing that online platforms have simplified interactions with government agencies, improved transparency, and elevated the ease of doing business. The introduction of faceless assessments in the Income Tax Department and the removal of outdated laws have further instilled confidence in the business community.

The discussion recognized the pivotal role of the Insolvency and Bankruptcy Code in providing a structured framework for addressing failed companies. This reform has facilitated the liquidation, sale, or restructuring of such entities, enabling the utilization of their assets and enhancing overall economic productivity.

The conversation also acknowledged the significance of the Micro, Small, and Medium Enterprises (MSME) sector. Sushma Ramachandran praised the availability of collateral-free loans through schemes like Mudra Loans, empowering small businesses and integrating them into the formal economy. The implementation of GST has also prompted many micro-enterprises to join the formal sector, benefiting from simplified tax procedures.

The nine-year journey of reforms, characterized by streamlined processes, digitization, disinvestment, and support for small businesses, is a testament to India's unwavering commitment to creating an environment conducive to economic growth. India is well-positioned to become an increasingly attractive destination for businesses and investors seeking opportunities for growth and success as it continues to evolve and address future challenges.