The NDA government has scrapped 39,000 unnecessary compliances and 1,500 archaic laws, finance minister Nirmala Sitharaman said Wednesday, highlighting a raft of steps taken by authorities to ensure ease of doing business in the country.
Speaking on the occasion of the 55th foundation day of the Institute of Company Secretaries of India (ICSI), the minister said the introduction of the Insolvency and Bankruptcy Code, simplification of regulatory framework, decriminalisation of minor offences and tax changes are among the reforms that have also bolstered the country’s business climate.
India received a record $230 billion in foreign direct investment (FDI) over the last three financial years, which clearly suggests the growing interest of foreign companies to do business in India, she added. As India prepares to be a developed nation by 2047, company secretaries should also aim to be the global standard bearer of corporate governance, she suggested.
Citing a Deloitte report, the minister said India is the top choice for global shared services and accounts for 45% of all global capability centres (outside home countries).
Speaking at the event, President Droupadi Murmu called on company secretaries to ensure that the rules and regulations made in the country for promoting ease of doing business are strictly complied with and are not taken undue advantage of.
