Question
Which of the following are the new processes set up by
the Government under the Make in India-Ease of Doing Business in India? i. Incorporation of a company reduced to 1 day instead of 10 days ii. Power connection provided within a mandated time frame of 15 days instead of 180 days iii. No. of documents for exports and imports reduced from 11 to 3 iv. Validity of industrial license extended to 7 years from 3 yearsSolution
Improved business processes and procedures open up new avenues of opportunities and create confidence among entrepreneurs as a result of which India moved up 12 places in the World Bank’s Doing Business ranking 2016 released in October 2015 •Incorporation of a company reduced to 1 day instead of 10 days •Power connection provided within a mandated time frame of 15 days instead of 180 days •No. of documents for exports and imports reduced from 11 to 3 •Validity of industrial license extended to 7 years from 3 years •Bankruptcy Code 2015 – New bankruptcy law, providing for simple and time-bound insolvency process to be operational by 2017 •Goods and Services Tax – Single tax framework by April 2017 •Permanent Residency Status for foreign investors for 10 years
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