Expressing hope that the Companies Bill will be passed in the upcoming monsoon session of Parliament, Corporate Affairs Minister Sachin Pilot on Thursday said there was a need to create a better business environment in the country to attract investments.

“The need for India today is to create an ecosystem that is vibrant and enables investment - not just foreign direct investment (FDI) but also domestic investments,” Mr. Pilot said at a conference organised by Associated Chambers of Commerce and Industry of India (Assocham).

His comments gain importance in the wake of two global steel majors — ArcelorMittal and Posco — announcing scrapping of projects worth multi-billion dollars in the country in the last two days.

The primary objective of the Companies Bill was to facilitate easy compliance and remove the multiplicity of layers so that a message was sent out to the world that Indian corporate sector was business-friendly, he said.

He was hopeful that it would be passed during the monsoon session of Parliament, scheduled to start on August 5.

“The Bill is likely to come up for discussions (in the monsoon session of Parliament). I am hopeful of getting it passed,” he said. The legislation, cleared by the Lok Sabha in December last year, is awaiting Rajya Sabha nod.

On Wednesday, the Cabinet had approved the proposal to amend the SEBI Act and other relevant regulations that would give greater powers to the regulator.