The most awaited World Bank 2018 report on the ease of doing business is just a day away, Sunil Bharti Mittal, the billionaire entrepreneur says that it remains a “major concern,” in India. Sunil Mittal said at an ET awards function event held last week that, the ease of doing business remains a major concern. Sunil Bharti Mittal, The Founder and Chairman of Bharti Enterprises credited the government’s effort saying, “I know the government is very focused on this, the PM wants our ranking to go up. You come out with fantastic policies.”
He was amazed to get approvals for a merger in Ghana in a flat three days despite the holding companies being based in The Netherlands. He believes, it still takes much longer for such processes in our country.
According to Sunil Mittal, the solution is very straightforward.
“My appeal to the government is to create an inter-ministerial framework, a committee may be, where we can present with logic as to what needs to be changed and you will either reject the logic or buy it. Then the government must take a position as quickly as possible,” he said.
“We can’t get to three days. But can we get to 30, may be 60 days? We really need such a framework,” he noted. Further, Sunil Mittal cited the case of the merger of a 100 percent subsidiary with the parent, saying it takes up to five months to get the requisite approvals in India.
He also added that the government has de-clogged the courts to have the National Company Law Tribunals, but termed the progress on this as “slow” as they are taking “time to stabilise.” Remarkably, India has moved up marginally to 130 rank in ease of doing business among 190 countries evaluated by the World Bank, and the government aims to break into top 100.
Sunil Mittal also appreciated the government’s Rs 2.11 lakh crore bank recapitalisation plan announced last week. According to the industrialist, the move may help banks, which are sitting on excess liquidity right now due to their “reluctance” to lend because of high NPAs.