New Delhi, Nov 26 – India must speed up the renewal of its systems and streamline procedures if it wants to achieve developed‑nation status by 2047, Finance Minister Nirmala Sitharaman told reporters.
“Today’s world is all about smart governance,” the minister said, stressing that the Ministry of Corporate Affairs (MCA) should aim to make administration simple, transparent, and customer‑friendly. “The MCA needs to be forward‑looking so it can serve stakeholders quickly,” she added during a meeting that reviewed the Regional Directorates and Registrar of Companies.
The session was also attended by Union Minister of State for Corporate Affairs Harsh Malhotra, the MCA Secretary, and other senior officials. Sitharaman highlighted the MCA’s frequent amendments to the Act and Rules, noting that the Insolvency and Bankruptcy Board is an example of laws evolving to meet current needs. “These changes help keep the system responsive to the demands of today’s India,” she explained.
She praised Indian corporate governance for earning public trust through clear financial disclosure. The minister also underscored the MCA’s key role in guiding and controlling companies, ensuring that their governance structures are solid.
Malhotra echoed the Prime Minister Narendra Modi’s mantra of “maximum governance, minimum government,” suggesting that regular dialogue with stakeholders will resolve problems faster. The MCA Secretary mentioned that the ministry has standardized its enforcement manuals and is already simplifying processes and rules to deliver services more transparently and promptly.
During the review, Sitharaman called on the MCA to develop a live dashboard to increase system transparency. She urged MCA officials to find better ways to communicate legal obligations to stakeholders and to hold frequent internal discussions aimed at boosting ease of doing business.
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