NEW DELHI: Prime Minister Narendra Modi on Friday said that both the Centre and state governments should aim to reduce the compliance burden on companies, adding that the government is aiming to reduce 6,000 compliance requirements during the current year.
“This year, our effort is to reduce 6,000 compliance burdens at the state and Central level. The compliance burden should be reduced. Technology has come. I want to get rid of the forms for everything. Your suggestions and advice are priceless in this...
With technology, we must reduce such compliances,” Modi said. He was addressing a webinar on the government’s recently announced Production Linked Incentive schemes. “We believe that government interference in everything creates more problems rather than solutions. That is why we are emphasising on self-regulation, self-attesting, self-certification,” he said.
The Prime Minister added that 13 sectors have been brought under the Production Linked Incentive system for the first time. Modi went on to say that the PLI scheme would make a major impact on the country’s MSME ecosystem by creating anchor units in every sector that will require a new supplier base across the entire manufacturing value chain.
“Even during the pandemic, the sector manufactured goods worth Rs 35,000 crore last year, saw a fresh investment of about Rs 1,300 crore and created thousands of new jobs,” he added. With PLIs rolled out for auto and pharma, there will be less foreign dependence in supplying the sectors, he noted.
ICEA seeks long-term stable tax policies
The India Cellular and Electronics Association (ICEA), which represents companies like Apple, Winstron, Lava, Vivo etc, in its recommendation to the Prime Minister’s Office and Niti Aayog said that there should be long term policies to address disabilities, a stable tax regime aligned with the phased manufacturing plan, and a review of the GST regime to boost domestic demand. “On the basis of such forward-looking policy interventions, India should be able to focus its efforts to capture investment opportunities,” said ICEA Chairman Pankaj Mohindroo.