File Photo: Minister of State for Finance Jayant Sinha
India is aiming to be among the top 30 countries in the world in terms of ease of doing business, Minister of State for Finance Jayant Sinha has said.
Currently, India is ranked at the 142nd position among 189 nations in World Bank's Ease of Doing Business 2015 report.
The Minister said that the government is taking various initiatives, including e-biz portal, Goods and Services Tax, mobile platform for setting up business, and is working with states to improve ease of doing business.
"We want to be in the top 30 countries. Currently, we are at 142nd position in ease of doing business index," he said at an event organised by Lufthansa today.
Recently, a team from the World Bank Group had visited India to collect data and information for Doing Business Report, 2016. Mr Sinha said India is already on a growth path and should aim to become a $4-5 trillion economy in near future.
Currently, India is a $2 trillion economy.
The Minister also underlined the need for developing domestic venture capital industry to fund innovations, which are of relevance to the developing world.
He said that while innovators in the US are focusing on top one billion population of the world, Indian entrepreneurs could concentrate on the needs of remaining 5 billion people living in developing countries.
Domestic entrepreneurs should focus on India specificproblems in areas like waste management and solar power, he said, adding that there are a lot of opportunities in these sectors.
Initiatives like 'Skill India', 'Make In India' and 'Mudra Bank' are building blocks of the economy, Mr Sinha said, adding that IIM-Bangalore will organise a programme on innovation on August 22.