Current Affairs

Govt Ropes in IIFT, ICAI for Improving 'Doing Business' Ranking

To interact with stakeholders and suggest measures to push India's ranking in ease of doing business index, the Commerce and Industry Ministry of India has roped in four institutes for exercise.

Govt Ropes in IIFT, ICAI for Improving 'Doing Business' Ranking
The four institutes are:

  • The National Institute of Construction Management and Research (NICMAR)
  • The Indian Institute of Foreign Trade (IIFT)
  • The Institute of Company Secretaries of India (ICSI) 
  • The Institute of Chartered Accountants of India (ICAI)

Aim

India has improved its ranking in the recently released Ease of Doing Business Index by securing 30th place and the government with an aim to maintain its legacy and improve the nation's ranking has decided to rope in the four institutes. These institutes will present their views on the parameters considered in "Ease of Doing Business Ranking" and methods to improve India's status.

Responsibilities

There are almost ten factors that affect ease of doing business in a nation and these factors are starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. The government has allocated these parameters into the four institute. 

  •  ICAI will look into the paying taxes parameter
  •  ICSI and IIFT would work on starting a business
  • IIFT will look after the trading across borders 
  • NICMAR is assigned the task to collate feedback on dealing with construction permits.

Expected Questions

1. How many institutes has been roped in by Commerce and Industry Ministry to improve India's ranking in Ease of Doing Business Index?
a. 6
b. 5
c. 3
d. 4

2. India's Commerce and Industry Minister has roped in four institutes to improve India's ranking in which of the following indices?
a. Global Innovation Index
b. Ease of Doing Business
c. Corruption Perceptions Index
d. Global Entrepreneurship Index

Which of the following institutes has not been selected by Commerce and Industry Ministry to suggest methods for improving India's ranking in ease of Doing Business Index?
a. The National Institute of Construction Management and Research
b. Insurance Institute of India (III)
c. The Institute of Company Secretaries of India (ICSI) 
d. The Institute of Company Secretaries of India (ICSI) 
Govt Ropes in IIFT, ICAI for Improving 'Doing Business' Ranking Govt Ropes in IIFT, ICAI for Improving 'Doing Business' Ranking Reviewed by insiya yadav on March 05, 2018 Rating: 5

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