The Government has said that the time taken to register a company has been reduced to 48 hours. Similarly, issue of Director’s Identification Number (DIN) and name availability of company can now be done online within 24 hours. Giving this information in written reply to a question in the Rajya Sabha today, Shri Sachin Pilot, Minister of Corporate Affairs, said that as per the Report of World Bank titled “Doing Business 2012: Doing Business in a more Transparent World” India is ranked 166th. The report maintains that for starting business 29 days are required. The report also identifies factors like Sales Tax, Registration, purchase of office/lands/buildings etc., which are under the State Governments as responsible for delays in initiating business.
Shri Pilot further informed the House that to further improve the process of opening business and spur entrepreneurial growth, his Ministry has set up a Committee under the Chairmanship of Shri M. Damodaran on 23.08.2012 to conduct an in-depth study into the existing regulatory framework for doing business in India and to suggest a comprehensive policy framework for its improvement within 6 months.