Single Window System for Investors | 23 Sep 2021

Why in News

The Ministry of Commerce and Industry has launched the national single window system for investors and businesses to improve Ease of Doing Business (EoDB).

  • India was placed at 63rd position in the World Bank’s ease of doing business report, 2020 out of 190 countries. Recently, the World Bank has decided to discontinue 'Doing Business' reports.

Key Points

  • About:
    • DPIIT along with Invest India initiated the process of developing the portal as a National Single Window System (NSWS).
      • DPIIT (Department for Promotion of Industry and Internal Trade) comes under the Ministry of Commerce and Industry.
      • Invest India is the National Investment Promotion and Facilitation Agency of India and acts as the first point of reference for investors in India.
    • The portal offers a single dashboard, allowing businesses to apply for clearances, track progress and respond to queries.
    • It would become a “one stop shop” for state and Central government compliances and bring transparency, accountability and responsiveness in the ecosystem.
    • It will also offer a Know Your Approvals service to inform businesses of the details of all the approvals they need to obtain as well as a common registration form, document repository and e-communication module.
    • It will provide strength to other schemes e.g. Make in India, Startup India, PLI scheme etc.
  • Other Initiatives to improve EoDB:
    • In the Union Budget speech 2020, the Investment Clearance Cell (ICC) was announced.
      • ICC will provide “end to end” facilitation and support to investors, including pre-investment advisory, provide information related to land banks and facilitate clearances at Centre and State level. The cell was proposed to operate through an online digital portal.
    • Amendments to Insolvency and Bankruptcy Code (IBC) and Decriminalisation under Companies Act, 2013.
    • Reduction of corporate tax from 30% to 25% for mid-sized companies.
    • The Ministry of Corporate Affairs (MCA), has initiated the MCA21 project, which enables easy and secure access to MCA services in an assisted manner for corporate entities, professionals, and the general public.
    • The Central Board of Indirect Taxes & Customs (CBIC) has launched eSanchit (e-Storage and Computerized Handling of Indirect Tax documents) for paperless processing, uploading of supporting documents and to facilitate the trading across Borders.
    • E-assessment scheme for taxpayers.

Source: IE