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*Develop Risk Appetite, Support Home Industry, work on Innovation, Sustainability and Brand India: Shri Piyush Goyal to Industry*
Nov 27, 2021

Ease of doing business corresponds to ease of living, as defined by the Hon’ble Prime Minister, Shri Narendra Modi, said Shri Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, while addressing the CII National Conference on Ease of Doing Business for Aatmanirbhar Bharat, on 27th November 2021. The Minister urged the industry to develop a greater risk appetite, work with the Government to find holistic solutions to common problems, support the home industry, work on innovation, sustainability and build Brand India.

The Minister affirmed that the Government is aggressive on building a conducive business climate and thus implementing structural reforms through the National Single Window Clearance, making available the repository of industrial land bank for businesses, eliminating burdensome compliance and encouraging self-regulation and self-certification, promoting cooperative federalism through State Reform Action Plan, and the PM Gati Shakti.

Shri Goyal laid out his vision in 5I’s for achieving Aatmanirbhar Bharat and furthering India’s development for India@100. These include: Intent – pushing the growth targets and fulfilling them through strong commitments, fostering greater Inclusion, both by Government and Industry, and build India on the pillars of Innovation, Infrastructure, and Investments. He further sighted India’s success story on the vaccine front and the success of the pharma industry, which should be an inspiration for everyone at large. He enthusiastically accepted CII’s suggestion for a task force to identify the hindrances in bringing investments and improving business climate.

Shri Amitabh Kant, Chief Executive Officer, NITI Aayog mentioned that India has undertaken several bold reforms for sustained growth and the challenge for India is to grow at high rates of about 8-9% per annum for several decades to lift the vast segment of our population above the poverty line. While the Centre has carried out a several reforms, the reform agenda needs to shift to states and the Eastern part of India needs to grow at high rates for a long time to come, he added.

Mr Ajay Shriram, Past President, CII & Chairman, CII Task Force on Ease of Doing Business said that the Indian economy today is moving ahead towards a more competitive, conducive, and adaptive business ecosystem. This dynamic development can be attributed to the all-encompassing systematic approach of the Government for carrying out sustained efforts to reduce and simplify the regulatory compliances required by the industry, while streamlining the business procedures. Mr Shriram suggested recommendations on enforcing contracts and expediting resolution in commercial disputes; proposed special Central assistance for introduction of business reforms in laggard states, amongst other suggestions.

Mr Chandrajit Banerjee, Director General, CII mentioned that while a plethora of reform measures have been undertaken, the most dynamic measure is the setting up of Regulatory Compliance Portal to rationalize the regular burden for businesses at Central ministries and state levels, which has helped to reduce 22,000 compliances for industry, simplify 13,000 compliances, and digitise 1,200 processes. He urged the Minister to look into some of the suggestions, including the states to have similar Common Application Forms as that of the National Single Window System platform, measures to reduce the cost of doing business, amongst others.

The Conference also witnessed the participation of other eminent panellists including Shri J V N Subramanyam, CEO, Andhra Pradesh Economic Development Board & Vice Chairman & Managing Director, AP Industrial Infrastructure Corporation (APIIC), Dr Muthukumarasamy B, Additional Chief Executive Officer, Invest UP, Government of Uttar Pradesh and, Shri Jayesh Ranjan, Principal Secretary, Industries Department, Government of Telangana.

27 November 2021

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