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'Regulatory quality will improve but not frequency, intensity': Nirmala

Keen to improve business climate, Commerce Minister Nirmala Sitharaman said tax and regulatory authorities are being asked not to go on an overdrive and asserted the government is not there to obstruct or create hindrances.


'Regulatory quality will improve but not frequency, intensity': Nirmala

New Delhi: Keen to improve business climate, Commerce Minister Nirmala Sitharaman said tax and regulatory authorities are being asked not to go on an overdrive and asserted the government is not there to obstruct or create hindrances.

She said regulatory quality will improve but not the frequency and intensity.

Sitharaman said the government is spending on creation of modern infrastructure to cut logistics cost, besides promoting online paperwork to reduce human interface.

"We are not there to obstruct or create hindrances. So even those little narratives that you (industry) hear about, you know, taxation officials being on an overdrive, or regulatory authorities being on an overdrive, are all being clearly spoken to, making sure that such an approach shall not be welcome.

"Regulatory quality will improve, regulatory content will improve but not the frequency or the intensity with which they regulate," she said here CII's 'Invest North' event here.

The minister asked the industry to engage more and more with the central and state governments for suggesting steps to improve ease of doing business in the country.

She said that now states are competing with each other on improve their business climate.

This year, the ministry is evaluating states on real time basis, which means that the rankings are dynamic. The evaluation is being done based on 340 parameters as against 91 last year.

Urging all the states to participate in this, she said 12 states have fulfilled over 75 percent of these parameters.

With the relaxation in the FDI policy in several sectors, she said, lot on inquiries are coming on those.

Further Sitharaman said to reduce logistic cost for traders and domestic players, the government is working on reviving and expanding inland waterways.

"Public spending is happening on focused manner on creation of infrastructure," she added.

When asked about Pakistan's Prime Minister Nawaz Sharif comment Kashmir at the UN, she said: "India has taken a comprehensive view on what has been happening at the border and the way in which the infiltration and even sometimes attacks on our bases have been so clearly established their link with our neighbour.

"On this Prime Minister (Narendra Modi) and the entire Cabinet is taking cognizance of all the facts. They will take a due call on it."

When asked whether there is any plan to withdraw the Most Favoured Nation (MFN) status from Pakistan, the minister said: "If there is anything, we let you know".

India granted the MFN status to Pakistan in 1996, but it is yet to reciprocate on that.

Speaking at the event, DIPP Secretary Ramesh Abhishek expressed hope that India's ranking will further improve this year in the World Bank's ease of doing business report.

"We hope that this year we will improve but the target is to come in the top 50th. Lot of work is happening in this area," he said.

He also said that the DIPP is preparing report cards for the last two year for all the thrust sectors under the 'Make in India' drive.

The department has already released the report for tourism and food processing sector.

He said that taxation reforms including GST will help in boosting manufacturing sectors growth.

From Zee News

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