Piyush Goyal is the man who is taking the textile sector forward. The Modi government has given the charge of textile to Piyush Goyal to revive the Indian prowess in the sector, and the man seems to be unstoppable in his way to do so. Piyush Goyal has now called for further reduction in India Inc’s compliance burden to mark an end to the last vestige of Nehruvian socialistic legacy in business.
Government’s strategy to ensure greater ease of doing business
The commerce and industry minister Piyush Goyal marked a revolutionary beginning with a decision to trim the frequency of renewals and permits required by companies. The Ministry is aiming at decrement in India Inc’s compliance burden which eventually will ensure the greater ease of doing business in India.
While interacting with the media at a CII event on ease of doing business for Aatmanirbhar Bharat, the Minister said, “Our effort, along with states, is to eliminate burdensome compliances, or reduce the need for licensing, reduce the regulatory burden, permissions, and rationalise the renewal process. But it only happens when we work together. Self-regulation and self-certification should be the way forward.”
According to the department for the promotion of industry and internal trade, the government had scrapped the need for more than 22,000 compliances, decriminalised as many as 103 offences, and removed 327 redundant provisions and laws in recent years.
Advising to tap the regulatory compliance portal as well as industrial land bank portal, Goyal asserted, “We are looking at the availability of industrial land at affordable prices. Self-regulation must be the norm. I urge the industry to suggest ways to move towards transparency and self-regulation.”
Applauding the Government’s strategy, Niti Aayog chief executive Amitabh Kant also stated that, “While the Centre has expedited the process of reforms, states need to keep up the pace. There is scope for a lot of reforms by states and those in eastern India hold immense potential.”
India’s improvement in ease of doing business
For economic growth, it is necessary to make business operations easy. When the Modi government came to power India ranked 142 out of 189 economies in the World Bank’s Ease of Doing Business Report. Prime Minister shared a vision to bring the country amongst the top 50 nations in the ranking and worked consistently in the last four years to achieve the goal. The reforms of the last four years resulted in a jump of 65 positions to 77th from 142nd in 2018. Though India stands at 63rd position as of 2021, the government aims at improving business strategies to ensure economic success in the coming years.
As earlier reported by TFI, one of the biggest gainers in the first major cabinet reshuffle undertaken by Prime Minister Narendra Modi since 2019, Union Minister Piyush Goyal was given the charge of Textile Ministry, along with the Ministry of Consumer Affairs, Food, and Public Distribution this year.
It was after his induction that the shares of textiles companies were in demand as Vardhman Textiles, Siyaram Silk Mills, RSWM, and Dollar Industries had hit their respective 52-week highs on the BSE in intra-day trade.
Thus, it can be assumed that Prime Minister Narendra Modi’s man Piyush Goyal is here to ensure that India witnesses a massive growth in the economy, and under Goyal’s leadership, it seems possible too.