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"The Idea Is To Make Effective, Lean And Transparent Regulations"

"India should also follow the same path by first going for the infrastructure improvement and launching programs such as Gati Shakti," Manmeet K Nanda, JS, Department for Promotion of Internal and International Trade, Ministry of Commerce and Industry advises

The supply chain plays an important role not only in business growth as well as in developing economy. A better supply chain leads to the socio-economic growth and economic prosperity of the nation. It also became a buzz word after the pandemic and recent geopolitical events which disrupted the supply chains all over the world and have resulted in inflation, recession, stagflation and others.

Businesses are always concerned about their business performing well and the government also do take care how the ease of business, regulatory reforms, compliance burden and many other activities that a business has to go through while interacting with the government. They have introduced the indexes like the ease of doing business and innovation index on national and state levels and are also introducing policies to improve the coordination between the different government departments.”

“We have seen the last 8 to 9 years to be transformative and saw the improvement in innovation ranking. India also has a subnational reform agenda on priority in the state and Union territories. Since 2021, we are looking to bring compliance down which seems burden for businesses. We have digitalized, rationalized and cleaned the redundant services. Simplification of the procedure, avoiding the duplication of application and decriminalizing minor offences are also priorities. As of now, 39,000 compliance has been reduced and a lot more to do in future,” said Manmeet K Nanda, JS, Department for Promotion of Internal & International Trade, Ministry of Commerce & Industry

The cost of doing business does not only includes office spending such as meals, transportation, and assets spending it also includes sometimes a specific budget for compliance with the government processes across the state and central government. It is a thing that many times scares business entities and makes it difficult for their businesses to run.

“Government is realizing that there is a cost for regulation to compliance that they put the such cost of Approvals, NOC, Renewals, and the same information asked by the multiple government departments. Gati Shakti is a program that has been introduced to make them work in synchronicity. We should become a data intelligent government which means using data and not a data sensitive which is just being aware of the data,” said Manmeet K Nanda, JS, Department for Promotion of Internal & International Trade, Ministry of Commerce & Industry

She added, “ Government has PLI schemes and there are more than 550 applications approved which means 550 plus companies coming to India and setting up a base here. The FDI figure in the last 8 to 9 years is continuously on the rise. India is seen as an economy that is on the rise for a couple of years. We are also looking at recessionary trends across the globe and how India has been able to do well so far. We are also understanding the intermediary cost such as businesses hiring people to deal with government compliances and processes. The idea is to make good regulations which are effective, lean, clean and transparent and the government is also putting efforts to clean up the system. “

Germany, US and UK are considered to have the most strong supply chain as a nation which simply means they have good and smooth logistics supply. It not only helps the businesses and economies but also improves the overall infrastructure of the nation which leads the economic prosperity, increases imports and exports and makes a country progress faster. India should also follow the same path by first going for the infrastructure improvement and launching programs like Gati Shakti.

The conversation was in between Panelist Manmeet K Nanda, JS, Department for Promotion of Internal & International Trade, Ministry of Commerce & Industry, Government of India with Moderator Mohit Bhasin, Partner, Global Co-Lead of Economic Growth Practice, KPMG


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