India's Prime Minister Narendra Modi speaks during an event on financial inclusion in Mumbai on 2 April, 2015.Reuters

Entrepreneurs can now start a business with ease by just filling one form to register their entity, as the Modi government has simplified cumbersome processes involved in starting a company.

From 1 May, the corporate affairs ministry will provide one integrated company incorporation form in place of eight forms required earlier, making compliance and reporting procedures easier for businesses.

"Name availability, allotment of Director Identification Number (DIN), company incorporation and commencement of business will now be possible through a single form," a senior ministry official, who sought anonymity, told The Economic Times.

Entrepreneurs can access the new form called as INC-29 on the website of Ministry of Corporate Affairs (MCA). The government wants to cut down the time needed to incorporate a company to just one day.

The latest move by the government comes in the wake of India's falling rank globally in an annual World Bank report that measures the various parameters of doing business in the country.

The country's rank slipped by two notches to 142 in 2015 compared to the previous year. The bank ranks 189 countries on the basis of procedures involved to begin, operate, and shut down of businesses.

PM Narendra Modi aims to raise India's rank to the 50th position in two years.

India stood at 116th position in the index when it was first launched in 2006.

The Modi government has recently been criticised by many investors as they grew impatient over the slow pace of initiating reforms towards creating business friendly environment.

"He (Modi) campaigned for many months saying he knows how to fix India, but he has done very little. Cleaning toilets is wonderful, but as far as building the economy or changing India (goes), he has not done very much," Jim Rogers, chairman of Rogers Holdings Ltd, told Livemint.

Many startups are choosing countries such as Singapore to register their companies to avoid the delay and many hassles involved in starting their businesses in India.

Singapore was ranked at No.1 in the World Bank's Ease of Doing Business survey for 2015.