NEW DELHI: Finance Minister Nirmala Sitharaman has encouraged regulators to be ahead of the curve when it comes to digitization, noting the vital role regulators played during the lockdown when companies were permitted to fulfil compliances digitally.
“We all need to be ahead of the curve to understand where restrictions need to be put in place, where they need to be softer, and where they need to be strong enough as a deterrent.” During the ongoing Azadi Ka Amrit Mahotsav, Sitharaman said, “We need to have agencies ready to be able to gauge what… to do to (have) fair, responsible, and transparent processes.
” She stated that the government took a number of steps to assist businesses, including enacting the Decriminalization of Companies Act 2013 and the Limited Liability Partnership Act of 2008, as well as the Insolvency and Bankruptcy Code. It also introduced numerous revisions to the statute in order to enhance it on a regular basis.
Technical and procedural infractions were decriminalised, which was a significant step forward. ‘Trust your businesses, give them confidence that government is looking at them favourably,’ she said, referring to the prime minister’s message during the pandemic.
“The MCA is in a unique position since it both facilitates and regulates people. It has had an impact on the lives of ordinary Indians, whether they are small business owners, part of a larger corporation, or even small investors “According to the minister.
She lauded domestic investors, describing them as “shock absorbers.” “Despite the fact that international institutional investors were fleeing the market, it was still a turbulent market.
“In India, retail investors have grown so large that they now appear to act as shock absorbers. Our markets would not show ups and downs if FPIs and FIIs disappeared… because small investors have flooded the country.
” The minister added that the Centre transfers around 4.466 trillion to states through centrally sponsored schemes, and that the SNA dashboard would offer transparency to their utilisation because it would track the fund.
The dashboard, according to the ministry, would give a platform for ministries and departments to track their financial transfers to states, as well as their use by implementing agencies and cash management. “The centrally sponsored initiatives account for about Rs. 4.46 lakh crore (trillion), which is a sizable sum.
It is a big success in making governance transparent today if you can follow money travelling to the states, from the states down to the districts, and then down to the village level “she stated
Being “fair, open, accountable, and transparent” is the best contribution a democracy can make, according to Sitharaman “.
Follow and connect with us on Facebook, LinkedIn & Twitter.
