New Delhi, Nov 26 To become a developed country by 2047, India needs to ensure timely modernisation of the systems and simplification of processes, Finance Minister Nirmala Sitharaman has said.
Finance Minister said that today is the era of governance and, therefore, Ministry of Corporate Affairs’ (MCA) driving principle should be to make governance easy, transparent and with focus on facilitation.
“MCA must strive to be futuristic to be able to serve stakeholders in a time-bound manner,” she said during a meeting to review the Regional Directorates and Registrar of Companies here.
The review meeting was also attended by Union Minister of State for Corporate Affairs, Harsh Malhotra; Secretary, Ministry of Corporate Affairs (MCA) and senior officers of MCA.
Sitharaman said the MCA has taken out frequent and required amendments in The Act and Rules to keep up with changing times, and Insolvency and Bankruptcy Board is one such example of a reform-driven law. This is done to ensure that the systems are responsive to the needs of today’s India.
She credited Indian corporate governance for gaining the trust of citizens by providing transparent financial information.
Finance Minister also emphasised the importance of MCA’s role in guiding and regulating companies to ensure their governance structures are well-managed.
Malhotra said that MCA must follow the motto of maximum governance and minimum government, as guided by the leadership of Prime Minister Narendra Modi. He suggested that frequent interactions with stakeholders will help to resolve issues in time.
MCA Secretary informed that MCA has standardised its manuals on enforcement and further process and rule simplification for transparent and timely delivery of services is already underway.
During the review meeting, the Finance Minister directed MCA that a live dashboard may be built to ensure that more transparency is brought to the systems in MCA.
As a way forward, Finance Minister exhorted the MCA officials to find effective ways to convey legal requirements to stakeholders and also suggested holding frequent in house discussions to suggest measures for enhancing ease of doing business.
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