Goyal implores industry to offer ideas to ease compliance burden

Minister says govt. pursuing second iteration of Jan Vishwas law to reduce businesses’ compliance burden, decriminalise laws in a bid to ease investment inflows

Updated - July 10, 2024 10:46 pm IST

Published - July 10, 2024 09:44 pm IST - NEW DELHI

Union Commerce and Industry Minister Piyush Goyal addresses the FICCI National Executive Committee meeting in New Delhi on July 10, 2024.

Union Commerce and Industry Minister Piyush Goyal addresses the FICCI National Executive Committee meeting in New Delhi on July 10, 2024. | Photo Credit: ANI

In a bid to ease investment inflows, the government is pursuing a second iteration of the Jan Vishwas law to reduce businesses’ compliance burden and decriminalise laws, but is grappling with a lack of industry inputs about the pain points that need addressing, Commerce and Industry Minister Piyush Goyal lamented on Wednesday, pleading with businesses to come forward and share ideas.

“We are trying to make the Indian investment journey easier by working on reducing the compliance burden and decriminalising laws, but I would urge industry and associations to be far more demanding, be far more proactive,” Mr. Goyal, who will be visiting Switzerland on July 14 to work towards the $100 billion foreign direct investment (FDI) goal under the recently signed India-EFTA Trade & Economic Partnership Agreement, said while addressing industry body FICCI’s national executive committee. “I am struggling to prepare Jan Vishwas 2.0, as we are not getting enough ideas, either from industry or in our different ministerial consultations,” he added.

Net inward Foreign Direct Investment (FDI) inflows declined to $26.5 billion in 2023-24, from $42 billion in 2022-23, the Reserve Bank of India reported in its Annual Report for 2023-24.

Noting that the Jan Vishwas law of 2023 had decriminalised 182 sections across laws governed by 18 central government departments, Mr. Goyal said a lot more needed to be done.

“We need all of you to come forward and give a balanced view on what is necessary, how it will not compromise on health and safety, how fraud or misuse can be tackled through fines or some other means,” he said.

Citing the example of the entertainment industry that has ‘huge potential’, the minister indicated the need to ease licensing procedures, and counter any harassment faced by players in the sector for approvals.

“We can have a single portal handling all of that. But we need all of you to come forward with the ideas and practical result-oriented ideas, which I can also take forward in the government system without causing a risk to safety and security of India and the health of our people,” he underlined.

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