Ease of doing business Current Affairs - 2020
On February 24, 2020, the Government of India launched SPICe+, a web form that integrates 10 services of various ministries and departments. This will help boost Ease of Doing Business in India. It was launched by the Ministry of Corporate Affairs.
India ranked 63rd in Ease of Doing Business ranking published by World Bank.
The Simplified Proforma for Incorporating Company Electronically Plus provides 10 services thereby saving time, cost for starting a business in India. It offers 10 services namely DIN allotment, issue of PAN, TAN, EPFO. ESIC registration, opening bank account for a company, allotment of GSTIN, issue of Profession Tax, etc.
The service will help to improve Ease of Doing Business in the country, especially for a startup.
Ease of Doing Business Ranking
In 2019, the World Bank placed India at the 136th rank for Ease of Starting Business. It was provided the 154th and 115th ranks for paying taxes and enforcing contracts respectively. Therefore, it is essential for initiatives such as SPICe+ to improve India’s position globally.
Tags: Ease of doing business • Employees’ Provident Fund Organisation (EPFO) • GST • Startup • World Bank
The Confederation of Indian Industry (CII) is celebrating its 125th birth anniversary in the year 2020. In order to commemorate its anniversary, the organization has been hosting several events in different parts of India under the theme
Theme: CII@125: Business and Beyond
The CII is India’s premier business association that works to sustain an environment that is conducive towards the economic growth of the country.
The Journey of CII began as Engineering and Iron Trades Association (EITA) in 1895. Later the Engineering Association of India that was established in 1942 merged with EITA to form the Association of Indian engineering Industry (AIEI) in 1974. In 1986, it became the Confederation of Engineering Industry (CEI).
Finally, in 1991, the CEI became the CII.
Tamil Nadu Scheme
The Tamil Nadu Chief Minister on 30th January 2020, announced “Direct CTO (Consent To Operate) Scheme for Green Industries” to mark the 125th birth anniversary of CII. The scheme also helps to improve Ease of Doing Business.
The scheme aims at relaxing the clearances of Green category industries.
Pillars of CII
The CII works on the four pillars as follows
- Building Competitiveness
- Policy Advocacy
- Creating an equitable society
- Expanding industry’s global footprint