New Delhi [India], March 29 : Union Commerce and Industry Minister Piyush Goyal on Saturday assured the investors that the government is ready to help whenever they face challenges, be it through anti-dumping measures or predatory pricing to protect the domestic.
Speaking at the TV9 Global Summit in the Capital, the Minister said, "Whenever investors feel that any law is coming in the way of their investment, whenever they see any unfair competition because of predatory pricing or dumping of goods from any country, we are willing and ready to help, whether it's through anti-dumping measures, safeguard measures or any measure that is required to protect domestic manufacturing."
Explaining the government's intention to create a favourable business environment, the minister said, "We need to make it so much easier for investors and the same for Indian investors. We should not be looking at, we like the foreign investor, but the Indian investor goes through hell."
He emphasised the government's effort to create a more decentralised process for both foreign and Indian investors. Goyal expressed confidence that the government's approach to simplifying the ease of doing business is generating new confidence among investors.
He further stated that the government is ready to help whenever investors face challenges, including through anti-dumping measures or safeguards to protect domestic industries.
Reflecting on the global trend of self-reliance, Goyal noted that Prime Minister Modi has been advocating this approach for the past decade, and it is now becoming a global theme. He also mentioned the government's ongoing initiatives to modernize India's laws.
"Be it our effort to simplify the income tax law or change colonial laws passed over 75 years ago, we want to make them more contemporary and relevant to day-to-day operations," he added.
Goyal also addressed recent reforms in the judicial system, including efforts to speed up the delivery of justice using technology.
The Union Minister said, "It's very important that arbitration mechanisms are robust. Arbitration is a mechanism that can cut down a lot of judicial delays, if both parties are sincere in their acceptance of arbitration results. Sometimes there are concerns about the quality of arbitration. If India continues to grow the way it is...we will obviously have disputes and areas of disagreements, and if we can keep the quotes unclogged, then our desire to become a global manufacturing hub will get a big boost."," he noted.
Discussing India's growing role in the global manufacturing ecosystem, Goyal called for more streamlined processes in intellectual property (IP) laws, with a focus on creating an efficient, online-based system for patents, trademarks, and copyrights.
"We are open to every other suggestion to make our intellectual property laws more robust. We've been trying to speed up the delivery of patterns and trademarks and copyright approvals, design approvals," he said.
"We're really making an effort to make that much more seamless, completely online, no physical interaction anymore, hopefully no rent seeking. Even the judicial process of hearing that goes into the IP ecosystem. We are trying to completely make that only online through video conferencing, which will be recorded to ensure fairness and fair play. And I do hope we all in government will receive the support of all the distinguished members of the legal fraternity in helping us bring efficiency," Goyal added.
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