scorecardresearch
Big changes coming in Winter Session? Piyush Goyal promises to get rid of laws that harass businesses

Big changes coming in Winter Session? Piyush Goyal promises to get rid of laws that harass businesses

"Our constant focus is to make easier for the business to flourish, and our focus is on decriminalising sections of laws harassing businesses in India," Goyal said.

Piyush Goyal, while talking about inflation, said that India has managed to control inflation in the nation. Piyush Goyal, while talking about inflation, said that India has managed to control inflation in the nation.

Minister of Commerce and Industry Piyush Goyal while addressing 117th Annual Session of PHD Chamber of Commerce and Industry today in Delhi said that in the upcoming winter session of the parliament the government will come out with amendments in laws to reduce and eliminate compliance burden.

"Our constant focus is to make easier for the business to flourish, and our focus is on decriminalising sections of laws harassing businesses in India," Goyal said.

He also urged the gathering and industry players to constantly give feedback on the laws posing formidable problems for Indian businesses. "We would like to hear the feedback from industry chambers as to which laws should be decriminalised and amended, which are misused," the minister added.

Goyal, while talking about inflation, said that India has managed to control inflation in the nation. "Yesterday, I got to know that Germany got its latest inflation print at 11 per cent now, on the other hand India is still at 7 per cent, which is better in comparison to the rest of the world," he said.

Talking about the high inflation during 2012 and 2013, he said that the nation had double digit inflation during these years. "During those years it seemed two-digit inflation is given," he added.

Reiterating the objective of the government, he added that the government is continuing its efforts to reduce compliance burden from industries. "Many steps has been taken, Nation Single Window Clearance, is one such initiative, so far 80,000 approvals have been given under single window," Minister Goyal said.

He went on to add that industry and chambers' participation is crucial in improving things going forward. " I want feedback about national single window clearance system, please go and find out what need to be improved, what more need to be added on the portal," he said.

Throwing light on the set exports target of $2 trillion by 2030, Minister added that services exports need to have 19 per cent CAGR of for next eight years, and merchandise exports needs 12 per cent CAGR of this to achieve those targets.

Goyal also talked about important FTAs being signed to foster exports. "FTAs have been signed in the past years as well, but now we are signing FTAs only with the developed and rich countries," he added.

Concluding his address, Goyal urged industries and stakeholders to come out of the protectionist mindset.

Also read: Export Promotion Councils asked for deferment of new Foreign Trade Policy by 6 months: Piyush Goyal

Also read: Incentives holding exports back, need contemporary outlook: Piyush Goyal

Published on: Sep 30, 2022, 3:13 PM IST
Posted by: Tarab Zaidi, Sep 30, 2022, 3:08 PM IST