Union Finance and Corporate Affairs Minister Nirmala Sitharaman chaired a review meeting with the Regional Directorates and Registrar of Companies in New Delhi, emphasizing the need for process simplification and user-centric reforms to enable India’s development goals for Viksit Bharat 2047. She called for governance that is easy, transparent, and facilitative, and urged the Ministry of Corporate Affairs (MCA) to adopt a forward-looking approach.
Driving Legislative and Structural Reforms
Sitharaman highlighted the importance of frequent legislative reforms, such as updates to the Insolvency and Bankruptcy Code (IBC), as evidence of India’s responsiveness to a rapidly changing regulatory environment. She directed the MCA to build a live dashboard for improved transparency and standardized manuals for enforcement, ensuring rule simplification and timely service delivery. The FM credited Indian corporate governance frameworks for earning public trust by delivering transparent financial information.
Maximum Governance, Minimum Government
Minister of State for Corporate Affairs Harsh Malhotra reiterated the motto of “maximum governance, minimum government,” advocating frequent stakeholder interactions, compliance simplification, and efforts to reduce the burden of forms. Malhotra further suggested digital guidance materials to empower stakeholders, along with time-bound processes for efficient service.
Elevating India’s Corporate Landscape
Discussions included improvements in the delivery of services such as incorporation, mergers, voluntary exits, e-governance, and adjudication procedures. Advanced compliance tools and harmonized forms will ease regulatory challenges and strengthen India’s competitive edge in the global market. The review meeting reinforced the government’s commitment to modernize systems aligned with national development goals.
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Source: PIB
