Government Working To Decriminalize More Provisions Of The Companies Act To Make Doing Business Easier, Says PM

Many provisions of the Companies Act have been decriminalized, and the Indian government is working to decriminalize more provisions of the Act in order to make it easier to do business in the country, Prime Minister Narendra Modi has stated.

While speaking at an Associated Chambers of Commerce and Industry of India (Assocham) event recently, he stated that the recent cut in corporate tax has brought rates to an all-time low for businesses, but added that the labor force should also be ‘taken care of’.

Modi stated that the time taken to register companies has been cut to merely a few hours from months, while better infrastructure has enabled the cut in turnaround time at ports as well as airports.

He said that dynamic changes have been made in the Goods and Services Tax (GST) based on suggestions from trade and industry representatives, adding that India is among the top 10 nations which have made maximum improvement in the ‘Ease Of Doing Business’ ranking index.

He said that from a poor rank of 142, India has managed to climb to the 63rd position in the index within merely three years.