Working on legislation to promote ease of doing business; Bill can be brought in winter session: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said the ministry is working on a law to make certain provisions crime-free to promote ease of doing business.

He said a bill in this regard is expected to be introduced in the upcoming winter session of Parliament.

The minister urged the industry to respond “early” on reducing compliance and freeing unnecessary sections from crime.

“We have focused on ease of doing business. We continue to reduce the compliance burden for our businesses. Give us a quick response, because in the winter session, we will come up with a very comprehensive amendment to the laws relating to businesses. To reduce the burden and ease the compliance,” Goyal said while addressing the annual session 2022 of PHDCCI.

He said that the government has made many laws crime-free.

“We are currently working on several other laws. DPIIT (Department for Promotion of Industry and Internal Trade) is leading it in consultation with other ministries,” he said.

He also said that India has managed its inflation figures in this difficult global situation.

Wholesale price-based inflation eased to an 11-month low of 12.41 per cent in August.

However, retail inflation eased its three-month downward trend and reached 7 per cent in August, mainly due to a rise in food prices, according to official data.

“We have continued to significantly improve our inflation numbers compared to the rest of the world … Germany has reached 11 percent,” he said.

In India, inflation used to hover in double digits before 2014 and the country struggled with 8 per cent, 9 per cent and 10 per cent, but “today is only 7 per cent compared to the rest of the world”, Goyal said.

He said that amidst the global uncertainties at present, India is still a “brightening star” in the world and remains the “fastest” growing economy.

On free trade agreements, the minister said that these agreements are a win-win for the trading partners and that the domestic industry should come out of the “protectionist mindset”.

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