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02/11/2017 12:23pm

India’s new rank of 100 on Ease of doing business index not reflective of situation for MSMEs: IIA

image India’s new rank of 100 on Ease of doing business index not reflective of situation for MSMEs: IIA

New Delhi, Nov 2 (KNN) In the World Bank’s “Doing business” report of 2018, India has jumped to 100th place from 130th in 2017, the Finance Ministry informed recently. However this jump is not very reflective of the situation of the ecosystem that continue to haunts the Micro, Small and Medium Enterprises (MSMEs) of the country, Indian Industries Association said.

Sunil Vaish, President, IIA (Indian Industries Association) told KNN that he was surprised with the recent ratings from World Bank.

Vaish informed that the actual ground reality is totally different .The MSME sector hasn’t seen any improvement in ease of doing business so far in the country.

He said that MSME sector is facing lot of problems mostly due to GST. There is no clarity in the market and the business of small companies is really disrupted due to complex tax filing system.

Vaish also said that the companies are facing shortage of credit and there are unnecessary compliance formalities, which makes it difficult to enter the market and set up businesses.

On the recent decision of Uttar Pradesh government to set up commercial courts to improve ease of doing business, Vaish said that it is a good move but anything can’t be said at the moment. Government needs to simplify GST filing and strengthen its IT infrastructure and must take steps towards building easy and straightforward environment to set up business.

Earlier, during the press conference announcing in which the doing business report was released, Ramesh Abhishek, Secretary Department of Industrial Policy and Promotion told KNN that the World Bank takes into consideration mainly the MSMEs while calculating the index. (KNN/AG)

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