New Delhi [India], May 18 (ANI): The Center has taken various measures to facilitate business in India. With robust growth, sweeping reforms, radically improved governance, fiscal discipline, infrastructure progress, rapid digitization and a focus on developing skills, the Center has taken several reforms to make it easier to do business in India.
Rajesh Kumar Singh, Secretary of the Department for Promotion of Industry and Internal Trade, during a special plenary session on “The Future of Competitive India: Should India Have an Integrated Trade, Investment, and Industrial Policy” at the Annual Business Summit 2024 held by CII, highlighted how the Centre is actively engaging in cross-ministerial consultations to ensure policies across different ministries reinforce each other, aiming for a higher growth trajectory.
He acknowledged that a single, unified investment policy is challenging due to the involvement of multiple agencies. The government is spearheading the initiatives under Ease of Doing Business and Reducing Compliance Burden, aimed at creating a conducive business environment.
Elaborating further, Singh added that several reforms were being undertaken by the government to facilitate business, reiterating that the trend will continue.
“For instance, FDI reforms, including the most recent reforms in space, are one such example. Besides, the PLI scheme is the centrepiece of industrial policy to create investment and jobs. On the ease of doing business, the DPIIT is working with the Work Bank on the new survey-based ease of doing business ranking, which would dwell on company entry, operation, and exit. The Jan Vishwas Scheme 2 for facilitating decriminalisation of laws, getting the patent regime closer to the global benchmark, and using tariff policy to promote Atmanirbhar Bharat are some other areas in which the DPIIT is presently engaged,” he added.
To promote FDI in the country, the government has implemented an investor-friendly policy, wherein most sectors except certain strategically important sectors are open for 100 percent FDI under the automatic route. Further, the policy on FDI is reviewed on an ongoing basis to ensure that India remains an attractive and investor-friendly destination. Changes are made to the policy after consultations with stakeholders, including apex industry chambers, associations, representatives of industries and groups, and other organizations.
Dammu Ravi, Secretary (ER) at the Ministry of External Affairs, emphasised that with significant business-friendly reforms that have broken through department silos and eased compliance, the situation has drastically improved. Now, the nation and its young entrepreneurs are well-positioned at the table to take advantage of these changes.
He urged the industry to expand its global footprint, highlighting the importance of integrating into global and regional value chains for competitive manufacturing.
Ravi noted that resilient supply chains and technology use, such as IoT and blockchain, are essential for efficiency and moving up the value chain. He identified high logistics costs as a key constraint and stressed the need for skill development.
The MEA Secretary also highlighted the role of economic diplomacy, mentioning that the Ministry has established an office of economic diplomacy to link overseas missions with businesses to support global expansion.
India’s upward trajectory will continue to strengthen with ongoing policy reforms and digital-led taxation and compliance protocols.
Sumita Dawra, Secretary, Ministry of Labour and Employment, Government of India, stated during her exposition that as GVCs become more anchored in India, a focus on quality employment becomes imperative to take advantage of the demographic dividend and realise the dream of Viksit Bharat.
“India needs to align its labour laws with the present economic milieu to improve labor’s productivity and stay ahead in terms of competitiveness,” she added.
TK Ramachandran, Secretary, Ministry of Ports, Shipping, and Waterways, mentioned that there are four key areas of focus for the ministry to improve industrial competitiveness: developing port-based industrial clusters as trade hubs, which would help to reduce logistics costs; boosting investment and infusing capital in the maritime sector to promote trade and the economy; promoting private trade investment through public-private partnerships; and promoting seamless trade through enhanced multi-modality and port-rail-road connectivity.
“The government is planning a maritime development fund to support multiple areas for promoting trade infrastructure and increasing private participation,” said Ramachandran.
R Dinesh, President, CII, maintained that more efforts are required by the Center and States to facilitate an inward focus to ensure that investment comes in and is linked to manufacturing. (ANI)
