NEW DELHI: Half a day to reserve the name and a third to incorporate a company, the corporate affairs ministry’s push towards improving ease of doing business is on a roll and getting results.
The fact that the time taken for company incorporation was two days in February and to just about a day in March, shows how effective the policy initiatives have been within a month. The ministry attributes this to simplified procedures and reduction in time and fees, through the successful implementation of e-governance initiatives such as the MCA21 portal and SPICe (Simplified Proforma for Incorporating Company Electronically) forms.
Marketed under a larger scheme of ‘government process re-engineering’, these initiatives have “…resulted in speed, greater transparency, uniformity, and eradication of discretion”, according to the ministry notification.