New Delhi, Aug 29 (KNN) India needs to expedite reforms and adopt global best practices to remove bottlenecks and enable speedy approvals, making their Single Window Systems sound and effective enough,  Director, Global Indicators and Analysis Group, World Bank, Augusto Lopez-Claros has said.   

“To attract FDI and in turn strengthen the dwindling rupee and the economy, India needs to enhance the ‘Ease of Doing business’ on urgent basis”, he said.  

India ranks 132nd out of 185 economies in terms of overall ‘Ease of Doing Business’, according to the World Bank- Doing Business 2013 report.

“Every single day of undue delay in product shipments due to cumbersome processes, procedural laws and regulations in India reduces the companies’ revenues adversely and affects the economy.

“Further, excess regulations in labour market and complex property registration regimes lead to difficulty in raising finance, higher chances of corruption and parallel economy,” Claros added.

“While the Government has eased the barriers to FDI in many sectors, there is still a dire need to improve the business regulatory environment for attracting and retaining the domestic and foreign investors both at state and centre level,” he said.

Claros spoke during a session on addressing the challenges of doing business in India held as part of the Invest North Conclave organized by the Confederation of Indian Industry (CII) here earlier this week. (KNN/SD)