Bhubaneswar: In its bid to ensure a sustainable growth rate in India, the Centre on Friday said it was in the process of amending certain provisions of the Companies Act, 2013 in order to overcome hurdles affecting hassle-free industrialisation.
"Several hindrances can be removed by just amending certain provisions of the Companies Act. As industry and manufacturing sector contributes to the growth, it is essential to improve the business environment in the country," Union Minister of State (Independent Charge) for Commerce and Industry Nirmala Sitharaman said.
Sitharaman said this while addressing the National Symposium on Manufacturing and Best Practices to Improve the Business Environment jointly organised by Odisha Government's Industries department and Department of Industrial Policy and Promotion, Government of India.
"There are several aspects to the Companies Act that need a relook. Some of them need to be changed while others need to be corrected to improve the ease of doing business in the country," she told reporters after the meeting.
Stating that the Centre had a day-long session on the issue on June 21, she said "So, some corrections to the rules are happening and we expect to complete the whole exercise in the next few months."
Assuring industries, the Union Minister said "We will ensure to take steps to amend the act and facilitate the investors to do business in a better environment."
The Union Minister also highly appreciated the growth in industry and manufacturing sector in Odisha. "I understand that industry and manufacturing sector contributed 40 per cent of the state' GDPS. Odisha is silently and steadily making progress and a trend setter," Sitharaman said.
"We need to further strengthen the growth of Odisha and other states in the eastern region of the country," Sitharaman said adding that manufacturing and industry can create a lot of employment opportunity for a large number of people.
According to Prime Minister Narendra Modi's vision E-Biz Scheme could bring changes and facilitate investors to develop industries, the Union minister pointed out.
"The Centre will take every step to facilitate investors to set up industries," she said. The union minister also assured the state government of all cooperation.
Seeking cooperation from state governments, DIPP joint secretary Shailendra Singh said the states can play a major role in development of industry and manufacturing sector. "Now one has to get 44 clearances and permissions for starting an industry. This need to be changed in order to facilitate growth of industries," he said.
"Without improvement in the business environment through reforms, it is not possible to build entrepreneurship and achieve desired target," Odisha Chief Minister Naveen Patnaik said while addressing the symposium.
Patnaik said the government of India will take a facilitating role in investment in manufacturing sector.
Tata Steel Managing Director T V Narendran, suggested the government to also stress on skill development besides facilitating the industries to invest in manufacturing sector which provides a large employment opportunities.
Besides representatives of major industrial houses, Industry secretaries of different states also participated in the symposium which discussed on improvement of business environment, manufacturing and infrastructure sector, development of infrastructure, e-governance and labour law related compliances and land and building related approvals.
