DPIIT Eases Compliance Burdens, Boosting India’s Investment Climate
The Ph.D. Chamber of Commerce and Industry, in collaboration with Invest India and the Department of Industrial Policy & Promotion (DPIIT) under the Ministry of Commerce and Industry, Government of India, recently organized the “Unnati India Opportunity Series – Investment Roadshow” on August 29, 2023.
Ms. Manmeet Nanda, Joint Secretary of DPIIT, highlighted the Indian government’s commitment to leveraging technology for improving the ease of doing business. She shared that DPIIT had successfully reduced a staggering forty thousand regulatory compliance burdens and announced the forthcoming release of a “Cost of Regulations” report. Furthermore, Ms. Nanda revealed that comments and insights from developing and emerging nations had been contributed to the World Bank’s upcoming “Be Ready” report. She also noted that, following extensive consultations with various departments, the Central Pollution Control Board had declared that ‘Extended Producer Responsibility’ (EPR) would no longer require renewal, streamlining business operations.
Ms. Nivruti Rai, MD & CEO of Invest India, emphasized the pivotal role of technology in boosting India’s GDP by lowering costs and simplifying business processes. She stressed the importance of seizing opportunities, particularly for India’s sixty million Micro, Small, and Medium Enterprises (MSMEs). Ms. Rai underscored the significance of the “Jan-Dhan Aadhar Mobile (JAM) Trinity” in India’s global competitiveness.
Mr. Saket Dalmia, President of Ph.D. Chamber of Commerce and Industry, described India as being at an inflection point. He emphasized the importance of technology-driven coexistence and collaboration, commending the active participation of both DPIIT and Invest India. Mr. Dalmia highlighted the Chamber’s role in identifying domestic and international opportunities for businesses.
India’s economic growth trajectory was also a focal point, with India surpassing China in terms of GDP and exports. According to IMF data, India is projected to maintain an average growth rate of 6.1% from 2023 to 2028, outpacing China’s 4.1% growth rate during the same period. India, now the fifth-largest economy with a GDP of USD 3.7 trillion in 2023, is rapidly attracting Foreign Direct Investment (FDI) and is poised to become a 100 billion USD FDI destination, according to Mr. Saket Dalmia.
Throughout the event, the Invest India team presented various business practices and opportunities, including insights into India’s growth trajectory, focus sectors in Delhi, incentives and policies in neighboring states, the National Single Window System, and the India Investment Grid.
The session concluded with a vote of thanks from Dr. Ranjeet Mehta, Executive Director of PHD Chamber of Commerce and Industry, who emphasized the government’s investor-friendly programs and the elimination of compliance burdens. He encouraged collaboration to further boost the Indian economy.
Dr. SP Sharma, Chief Economist at PHD Chamber of Commerce and Industry, who moderated the session, highlighted India’s status as the fastest-growing economy among leading nations and expressed the chamber’s commitment to hosting more events promoting investment collaboration.
