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Ease of Doing Business: it now takes only 29 days to start new business in India
- The Narendra Modi government’s attempts to improve the ease of doing business have yielded good result with the country jumping 12 ranks to 130 in the latest ranking compiled by the World Bank.
- India was ranked 142 in the ranking for 2015.
- Singapore has topped the ranking again. India’s distance to frontier (DTF) score used to compile the rankings improved to 54.68 in 2016 from 53.97 in 2015.
- The cut-off date for the ranking was June 1, implying that the improvement has been achieved in a short span on one year of this government taking over. In 2015 ranking, the last one of UPA government, India had slipped a few notches to 142.
- The World Bank report says India is one of the countries that have made the most improvement, capturing the initiative of the government in a separate section.
- “India is the South Asian economy recording the biggest increase in the distance to frontier score since 2004,” the report said taking note of the fact that the country has cut down days take to start business.
- The biggest improvement was in the ‘Getting Electricity” sub component with India’s rank jumping to 70 in 2016 from 137 the year before in the 139 country ranking. The Narendra Modi government has set itself target of breaking into top 50 in this ranking.
- In the case of starting a business India’s rank improved to 155 in 2016 from 158 the year before.
- Enforcing contracts also the country improved its rank to 178 from 186. In case of protecting minority shareholders India again scored a high rank of 8 though down one rug from 7 last year.
Odisha to revive bauxite mining in sacred hills
- Odisha is seeking to revive a controversial plan to mine for bauxite in the Niyamgiri hills, a lushly forested area that the Dongria Kondh tribe considers sacred, a minister said on Wednesday.
- The proposal, which sparked an angry response from green groups, comes nearly two years after local residen
ts successfully blocked a request by London-listed Vedanta Resources to mine in the area.
Defence ministry to clear military deals worth Rs 5,000-cr
- The government is set to clear two major military purchases from Russia days before Defence Minister Manohar Parrikar’s visit to Moscow, including a comprehensive upgrade of India’s Ilyushin transport aircraft fleet and the acquisition of 150 new armoured fighting vehicles.
- Parrikar, who is set to leave for Russia on Friday, is also likely to discuss the possible acquisition of two new Kilo class submarines for the Indian Navy that is battling with a depleted underwater fleet. India currently operates nine Kilo submarines under the Sindhughosh class and had lost one to a major explosion at the Mumbai harbour in 2013.
India Inc’s external borrowings down 32% at $2.6 billion in September
- External commercial borrowings (ECBs) by Indian firms declined by 32 per cent to $2.61 billion in September, according the Reserve Bank data.
- The borrowings were at $3.18 billion in the same month last year. However, ECBs raised by Indian firms in August this year were significantly lower at $750.77 million, as per RBI data.
- The borrowings were at $3.18 billion in the same month last year. However, ECBs raised by Indian firms in August this year were significantly lower at $750.77 million, as per RBI data. Of the total amount raised during last month, $1.48 billion was through approval route, while $1.13 billion came via automatic route