To make ‘Atmanirbhar Bharat’ and ‘Made in India’ come true, we must simplify our rules and leave no room for subjectivity. Ease of doing business can’t be just provided at a macro level, but at the micro level of laws on land and labour.
Finance minister Nirmala Sitharaman had on May 13 announced a new definition for MSMEs as part of the ₹20 lakh crore economic stimulus package. Besides a change in definition, she had announced a ₹3 lakh crore credit guarantee scheme to provide collateral-free loans to MSMEs.
India’s aspirations have been whetted by its improving ease of doing business, though more needs to be done.
According to the appellate tribunal, the NCLT’s order, was beyond the power of the tribunal as it was tantamount to the imposition of a new rule in a compelling fashion
The ITEC programme commenced in 2020 and had diverse participants from across the world. On March 24, 2020, the Government of India, to combat the COVID – 19 pandemic, had to unfortunately take certain measures. A nation-wide lockdown, which continues until now, was implemented. This disrupted theITEC Programme and also had an impact on the participants.
This comes after 10 central trade unions lodged a joint complaint with the international body over some BJP-ruled states allowing complete exemption from labour laws for new establishments to attract investments and most states increasing the work hours from 8 hr to 12 hrs in single shifts.
The Centre could tweak labour law changes and fast-track their implementation for new businesses.
Following the EU’s logically flawed and consumer-unfriendly precautionary principle would hobble India’s dynamic economy, especially at a time when Covid-19 is destroying the global economy. Growth in key areas like renewable energy production would be a serious casualty if GoI goes the hyper-precautionary way of assessing and regulating chemicals.
India must view this crisis as an exercise in building institutional and governance capacity — in particular, by leveraging five opportunities that can position it as a model to emulate in post-Covid-19 recovery and growth.
Data-gathering exercises conducted once in every 10 years are inadequate in today’s times for policymaking, and are prone to being used as political fodder.
Rajiv Kumar pointed out that private sector investment is necessary for economic growth of India.
In these difficult times, local industries should become the flag-bearers in showcasing that India is an attractive investment destination, he told in an interview.
In recent weeks, various state government's have proposed changes to existing labour laws.
Experts feel the pandemic has created unique opportunities for India to attract investments.
The industrial estates situated in non-containment zones, including the Ambattur and Guindy clusters here can resume work from May 25, the government said, adding however employees residing in containment zones would not be allowed to report for work.
Union Finance Minister Nirmala Sitaraman on the announcement of ‘Economic Package’ for COVID-19 pandemic said that a comparison was made of all announcements made by different countries to see what their package consisted of. She said that every country has brought in basket of measures-fiscal, monetary, guarantee, central liquidty and so on. FM Sitaraman further said, “To think that all other countries have come up with only outgo from budget and not as though they've underplayed everything else they've done. On the contrary, they have also gone into liquidity being infused both through central bank and through their own guarantee and other things.”
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