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Business EconomyPosted at: Feb 20 2018 6:17PM


EODB immediate gain for UP to woo investments

Lucknow, Feb 20 (UNI) The state is all set to achieve consequential immediate gain through Ease of Doing Business (EODB), in two-day UP investor’s summit commencing on Wednesday.
Investment needs gestation period to mature, EODB or the institutional mechanism that paves the way for seamless investment.
The series of measures taken by the Yogi Adityanath government in last 11 months to cut down the administrative labyrinth are visible in the form of 900 MOUs signed within one month and many more are in the pipeline.
"The EODB ranking of the state has improved significantly in the last 10 months, and referred to a 10-spot jump in UP’s ranking — to 7th from 17th — as a result of the efforts. The government is all set to implement a single-window system for clearance of investments in the state. Uttar Pradesh is the biggest state in India and has the biggest market, so the biggest investment has to be made and the course of development will be halted if you move ahead without UP," said the Industries Minister Satish Mahana.

" The state government is not only striving to upgrade its tally domestically, but also leverage India’s improved rankings to its benefit for attracting investment and boosting industrialisation. This comes in the backdrop of India entering in the Top 100 in the World Bank ‘Doing Business 2018’ ranking released on October 31 last year," said Mahana.
Under the previous Akhilesh Yadav regime, UP had last year slipped in the Ease of Doing Business table from 10th in 2015 to the 14th spot, he said adding that the entrepreneurs can apply for all the approvals/clearances required for starting a business in UP through a Common Application Form (CAF) available at Nivesh Mitra – the online single window system of the state.
The CAF considerably reduces the time and hassle faced by businesses/investors in filling multiple applications by eliminating the need of filling up repetitive information in the forms.

The Minister said the state was facing some irritants in a couple of parameters, which have been taken care of.
"There is committee to look into these affairs and I personally monitor its functioning," he said adding the state was confident of improving its rank further in 2018. The EODB rankings form part of the Business Reforms action plan (BRAP) released by the Department of Industrial policy and promotion (DIPP) under the Union Ministry of Commerce and Industry to increase transparency and efficiency of the regulatory functions and services for business in India. BRAP, comprising 340 parameters, was first circulated to all states/union territories in October 2015.

Currently, there are 372 parameters regarding reforms on 58 regulatory processes, policies and practices spanning 10 reform areas viz. access to information and transparency enablers; single window; environmental registration enablers; obtaining electricity connection; availability of land; construction permit enablers; inspection reform enablers; labour regulation enablers; online tax and return filing and commercial dispute resolution enablers spanning the lifecycle of a typical business. The respective states/UTs have to submit evidence of implemented reforms with the central website.
With an aim to provide quick justice to the commercial disputes, Yogi Adityanath Government in October 31 last year had announced to set up Commercial Courts that will come up in 13 divisional headquarters. These courts will be set up after amending appropriate act. The objective of the Commercial Court is to provide quick justice in commercial disputes. Proceedings will be managed by Judges and Associate Judges with extensive commercial expertise and experience.

Many states have commercial courts like Chhattisgarh, Gujarat and Telangana. The Commercial Court Act of these States have been incorporated in the state’s version of Commercial Court. The Commercial Appellate Division of High Court Act 2015 allows states to set up separate commercial courts.
These courts could be set up at District Headquarter and is empowered to settle disputes of a value of at least Rs.1 crore and above. The definition broadly covers commercial disputes arising from ordinary transactions of merchants, bankers, financiers and traders such as those relating to mercantile documents.
UNI MB JW SHK 1816
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