Speaking at the Assocham (Associated Chambers of Commerce of India) event on Friday, Prime Minister Narendra Modi said that the government is working on decriminalising provisions of Companies Act to make it easier to do business in the country.
He said that while many provisions in the Act have already been decriminalised, the government is working on bringing in more provisions.
He further said that the recent cuts in corporate tax rates have brought them down to an all-time low, in favour of businesses. However, he said that the labour force should also be taken care of.
He further informed the gathering that the government has reduced the time taken to register companies to a few hours from months, while better infrastructure has enabled the cut in turnaround time at airports and ports.
Changes have also been made to the Goods and Service Tax (GST) on suggestions of trade and industry representatives, he said, adding that India is among the top 10 nations which have in last three years made the maximum improvement in the "ease of doing business" ranking.
India climbed from the 142nd to the 63rd position in three years, Modi said.