Corruption no longer among top 3 hurdles to doing business in India


What is Important?
From UPSC Perspectives
Prelims :Highlights
Mains:Highlights

Why in News?

The perception among U.K. businesses that corruption is a major barrier in doing business in India has halved, according to the latest edition of the U.K. 

Highlights:

  • There has been a considerable year-on-year fall in the number of companies that viewed ‘corruption’ as a major barrier – from 34% in 2016 to 25% in 2017.It has halved since 2015, where it stood at 51%.
  • Corruption is no longer considered a ‘top-three’ barrier compared to those not currently active in India.
  • This decline shows a major improvement, indicating that the current government’s efforts to mitigate corruption appear to be delivering tangible and much-desired results.
  • Aadhaar, electronic submission of government documents, acceptance of electronic signatures, and the push to file taxes online, have all reduced face-to-face interactions where corruption is most likely to take place.
  • ‘Taxation issues’ and ‘price points’ overtook ‘corruption’ as major barriers identified by 36% and 29% of respondents, respectively
  • The proportion of respondents identifying ‘taxation issues’ was 3% lower in 2018 than 2017.To this the report suggests that businesses may be starting to adjust to the GST.
  • The key issue for those outside India is increasingly market demand for their products and services relative to government and bureaucracy-related barriers.

Corruption no longer among top 3 hurdles to doing business in India Corruption no longer among top 3 hurdles to doing business in India Reviewed by The Hindu Current Affairs on November 20, 2018 Rating: 5

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