An increasing number of citizens believe that doing business in India has become easier in the previous three years. According to the 2020 study, 43 percent of citizens believed doing business in India had become easier. In the 2021 study, this figure dropped somewhat to 41 percent. However, 52 percent of individuals gave their positive assent in the latest LocalCircles study in 2022, showing that more Indians believe doing business in India has been easier in the last three years.
Many major reforms for Ease of Doing Business are in the works, according to the Narendra Modi government, including the direct listing of Indian public businesses’ securities in permitted foreign jurisdictions. The administration has also announced a one-year suspension of new insolvency proceedings, as well as a decision to exempt COVID-19-related debt from the definition of “default” under the IBC. When asked if doing business has gotten simpler in the last three years, 52 percent replied yes and 32 percent said no. Seventeen percent of those polled were undecided. There were 12,040 replies to this question in the poll.
The Narendra Modi government introduced a solution in 2019 to abolish the angel tax, which was a huge source of pain for entrepreneurs because the taxman considered funding raised for companies as income. When asked if starting, operating, and growing a business has grown easier in the last three years, the majority of citizens replied “Yes,” while 24 percent said “No,” and 16 percent indicated they didn’t know. There were 9,803 replies to this question in the poll.
People believe the Narendra Modi government has implemented several measures in the previous three years to replace human interfaces with technological interfaces, reducing the potential for harassment. Sixty percent of citizens say tax official harassment has decreased in the last three years, while 24 percent believe it has not. Sixteen percent of those polled were unsure.
The Narendra Modi government is likely to continue to use new technology and data intelligence in order to pursue tax evaders in a far more targeted manner while avoiding harassment of compliant residents and businesses. There were 11,318 replies to this question in the poll.
According to the 2020 study, 52 percent of respondents reported tax agents harassed them less. This percentage grew to 57 percent in 2021 and is expected to reach 60 percent in 2022. This suggests that a growing proportion of people believe tax official harassment has decreased in the last three years.