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India's Path to Viksit Bharat: Why Modern Systems Are Key by 2047

Finance Minister Nirmala Sitharaman stressed that India needs modern systems and simplified processes to become a developed nation by 2047. She directed the Corporate Affairs Ministry to focus on transparent, time-bound governance that serves stakeholders effectively. The ministry is already working on process simplification and rule standardization for better service delivery. Union Minister Harsh Malhotra emphasized maximum governance with minimum government intervention as the guiding principle.

Key Points: Sitharaman on Modern Systems for Viksit Bharat Development Goal

  • Modernization of corporate governance systems essential for Viksit Bharat vision
  • Live dashboard implementation to enhance transparency in MCA operations
  • Frequent stakeholder interactions to resolve corporate issues promptly
  • Process simplification underway for timely service delivery to companies
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Modernisation of systems, simplification of processes key to become Viksit Bharat: Sitharaman

Finance Minister Nirmala Sitharaman emphasizes system modernization and process simplification as crucial for India to achieve developed nation status by 2047 during MCA review.

"MCA must strive to be futuristic to be able to serve stakeholders in a time-bound manner - Nirmala Sitharaman"

New Delhi, Nov 26

To become a developed country by 2047, India needs to ensure timely modernisation of the systems and simplification of processes, Finance Minister Nirmala Sitharaman has said.

Finance Minister said that today is the era of governance and, therefore, Ministry of Corporate Affairs' (MCA) driving principle should be to make governance easy, transparent and with focus on facilitation.

"MCA must strive to be futuristic to be able to serve stakeholders in a time-bound manner," she said during a meeting to review the Regional Directorates and Registrar of Companies here.

The review meeting was also attended by Union Minister of State for Corporate Affairs, Harsh Malhotra; Secretary, Ministry of Corporate Affairs (MCA) and senior officers of MCA.

Sitharaman said the MCA has taken out frequent and required amendments in The Act and Rules to keep up with changing times, and Insolvency and Bankruptcy Board is one such example of a reform-driven law. This is done to ensure that the systems are responsive to the needs of today's India.

She credited Indian corporate governance for gaining the trust of citizens by providing transparent financial information.

Finance Minister also emphasised the importance of MCA's role in guiding and regulating companies to ensure their governance structures are well-managed.

Malhotra said that MCA must follow the motto of maximum governance and minimum government, as guided by the leadership of Prime Minister Narendra Modi. He suggested that frequent interactions with stakeholders will help to resolve issues in time.

MCA Secretary informed that MCA has standardised its manuals on enforcement and further process and rule simplification for transparent and timely delivery of services is already underway.

During the review meeting, the Finance Minister directed MCA that a live dashboard may be built to ensure that more transparency is brought to the systems in MCA.

As a way forward, Finance Minister exhorted the MCA officials to find effective ways to convey legal requirements to stakeholders and also suggested holding frequent in house discussions to suggest measures for enhancing ease of doing business.

- IANS

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Reader Comments

P
Priya S
Good to see the government thinking about Viksit Bharat 2047. But implementation is key - we've heard many such announcements before. The real test will be whether common people and small entrepreneurs actually benefit from these simplifications.
R
Rohit P
The emphasis on 'maximum governance, minimum government' is exactly what India needs. As someone who started a tech company last year, I can vouch that the compliance burden is still too high. Hope these discussions lead to real reforms! 💪
S
Sarah B
While the vision is commendable, I hope they also focus on digital literacy. Many small business owners in tier 2-3 cities struggle with online systems. Simplification should include making technology accessible to all sections of society.
V
Vikram M
The IBC has been a game-changer for India's corporate landscape. Glad to see the government acknowledging successful reforms and building on them. This systematic approach to governance modernization is what will make India a developed nation by 2047. 🇮🇳
M
Michael C
As an investor watching India's growth story, I'm impressed by the focus on corporate governance transparency. This builds international confidence. The live dashboard initiative could set a global benchmark if implemented well.
A
Ananya R
Frequent stakeholder interactions is a

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