DPIIT reduces the compliance burden by removing forty thousand compliance burdens, says Ms. Manmeet Nanda, Joint Secretary, DPIIT

New Delhi: Ph.D. Chamber of Commerce and Industry in association with Invest India and the Department of Industrial Policy & Promotion, Ministry of Commerce and Industry, Government of India organized the “Unnati India Opportunity Series – Investment Roadshow” on 29th August 2023, Tuesday.

Ms. Manmeet Nanda, Joint Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry reiterated that the government’s practices and policies focus on the use of technology for ease of doing business. She highlighted that the Department has been able to reduce forty thousand regulatory compliance burdens. She mentioned that shortly a report on the “Cost of Regulations” will be released. Further, she mentioned that comments and perspectives of the developing and emerging nations have been put forward for the World Bank’s “Be Ready” report which is in the pipeline. She also shared that due to extensive consultations with various departments, the Central Pollution Control Board announced that ‘Extended Producer Responsibility’ (EPR) once granted will not require renewal, adding to the ease of doing business initiatives by DPIIT.

Ms. Nivruti Rai, MD & CEO, of Invest India, emphasized the importance of technology in helping India boost its GDP since it lowers costs and makes doing business easier. She also emphasized the importance of “capitalizing on opportunities” for India, in particular for its sixty million MSMEs. Given the enormous scale of MSMEs in India, their technological skills must be upgraded and access to the market should be enhanced. She stressed the “Jan-Dhan Aadhar Mobile (JAM) Trinity”, the strength that India is leveraging to make its mark in the world.

Mr. Saket Dalmia, President, Ph.D. Chamber of Commerce and Industry, began his address by mentioning that India is at an inflection point. While highlighting the importance of the event, he pointed out that the enabler and the think tank both were present, represented by Ms. Manmeet Nanda, Joint Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry and Ms Nivruti Rai, MD & CEO, Invest India, respectively. He mentioned that the way forward is through technology-enabled coexistence and collaboration. He raised the role played by the Chamber in this regard, by putting the spotlight on the next opportunity domestically and internationally for businesses.

India has been the fastest-growing economy among the major economies. India is ahead of China in terms of GDP and exports. According to IMF data, China will be growing at 4.1% (average) whereas India’s growth rate will be 6.1% (average) from 2023 to 2028. India was the world’s 10th largest economy in 2014, but now it stands at the fifth spot with a GDP size of USD 3.7 trillion (2023), as it now India attracts a great chunk of FDI. Soon India will be a 100 billion USD FDI destination, said Mr. Saket Dalmia

During the event, the team of Invest India presented varied business practices. Ms. Pallavi Magu, Assistant Vice President, presented on ‘India Opportunity elaboration on the Macro Economy – India’s growth trajectory, Recent Trends, Reforms and Initiatives taken to promote investments. Mr. Rishabh Katyal, Assistant Vice President, discussed on the ‘Focus sectors of Delhi, Key Industrial Areas, and Best Practices’; ‘Insights into various incentives and policies of neighboring states’ was presented by Mr. Shivam Batham- Senior Assistant Vice President. ‘National Single Window System – Features and how Industries can avail the benefit of NSWS’ was deliberated upon by Mr. Vaibhav Yadav, Assistant Manager, Invest India. Further, ‘India Investment Grid (IIG) – Information about Investable Opportunities in India’ was presented by Mr. Rishabh Dwivedi, Assistant Vice President, Invest India.

The session concluded with a vote of thanks presented by Dr. Ranjeet Mehta, Executive Director, PHD Chamber of Commerce and Industry. He stated that the investor-friendly programs introduced by the government of India are primarily intended for domestic companies to use in order to expand their production base and create new capacities, resulting in increased domestic investment. There has been an emphasis on eliminating compliance burden across all procedures, rules, notifications, circulars, office memorandums, etc. which merely add to time and cost without achieving any tangible improvement in governance. He proposed a sincere thanks to everyone present and said that joining hands and working together would be a booster for the Indian economy.

Dr. SP Sharma, Chief Economist | DSG, PHD Chamber of Commerce and Industry moderated the session and stated that India is currently the fastest-growing economy among the leading economies. India will be a growth leader among the top ten economies with an average growth rate of more than 6 percent followed by China. He added that the chamber looks forward to hosting numerous events that promote investment collaboration.