Make in India campaign launch
The BJP-led government expects FDI inflows to go up by 45% in 2016. Picture: PM Narendra Modi launching 'Make in India' campaign in Delhi. [Representational Image]Reuters File

After launching the "Make in India" campaign, the Modi government has taken a step forward to achieve the goal through the campaign, for which it has decided to reduce the business registration period in India from 27 days to one day in a few months from now.

Breaking its poor record of being ranked as low as 134 out of 189 countries in 2014 under the World Bank's "Ease of Doing Business" category, the government has planned to lift India's ranking to the top 50. Currently, India is ranked below its neighbours including China with rank 96, Pakistan 110 and Bangladesh 130.

To ensure that Make in India campaign starts as early as possible, the Central Government has eased and simplified several rules and regulations trying to make India a friendlier investment zone in the world.

The government has introduced the following reforms – single registration for all labour laws, overhaul of tax systems, reduction in the number of permits required, easing up property registration, quick electricity connection and property registration – which will be taken care by the Department of Industrial Policy and Promotion (DIPP), according to The Times of India report.

DIPP has promised to implement the following procedural reforms within a period of three to six months and asked the union and state governments for their inputs in planning and amending the reforms. Keeping the main focus on tax reforms, it has suggested to reduce taxes and allow online payment of taxes.

"To achieve all this, the government, along with the states, will need to carry out radical measures on a war footing," said an official who preferred to remain anonymous.

It also wants the government to ease out regulations for those interested in doing business in India by removing pollution control certificates' requirement, allowing electric connection sooner and cutting down inspections of minor and low-risk businesses. These are a few among several measures on the list to simplify doing business in India.