Piyush Goyal to come out with amendments to laws in winter session

The Minister of Commerce and Industry Piyush Goyal spoke at the 117th Annual Session of the PHD Chamber of Commerce and Industry in Delhi, said that the government will come out with amendments to the laws in the upcoming winter session to reduce and eliminate compliance burden.

Goyal said that our focus is on decriminalising sections of laws that harass businesses in India and making it easier for the business to flourish.

He urged the gathering and industry players to give feedback on the laws that pose formidable problems for Indian businesses. The Minister said that they would like to hear from industry chambers about which laws should be decriminalised and amended which are misused.

Goyal, talking about inflation, said India has managed to control inflation in the nation. He said that the nation had double digit inflation during the 2012 and 2013 years, and that the nation had double digit inflation during these years. During those years, it seemed that two-digit inflation is given, he added.

He stated that the government is continuing to reduce compliance burdens from industries and that it is a goal of the government. 80,000 approvals have been given under the single window, according to Minister Goyal, as one of many steps has been taken, Nation Single Window Clearance is one such initiative.

He said that industry and chambers' participation is crucial in improving things going forward. He said that if you want feedback about the national single window clearance system, please go and find out what needs to be improved and what needs to be added to the portal.

Minister said that services exports need to have 19 per cent CAGR of the next eight years, and that merchandise exports need 12 per cent CAGR to reach those targets, because of the set exports target of $2 trillion by 2030.

Goyal talked about the important FTAs being signed to foster exports. FTAs have been signed in the past years, but now we are only signing FTAs with the developed and rich countries, he added.

Goyal urged industries and stakeholders to come out of the protectionist mindset.