Govt working on Jan Vishwas Bill 2 to increase ease of compliance for industry: Piyush Goyal at FICCI AGM

New Delhi, 08 December 2023: Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs, Food and Public Distribution and Textiles today while addressing the inaugural session of ‘FICCI’s 96^th Annual General Meeting and Annual Convention’ on the theme- ‘The World’s Growth Engine’, emphasized that the incredible India is gradually converting into inevitable India and that is going to be the journey for next 25 years. “We are looking at a self-reliant and an Atmanirbhar Bharat- a Bharat that is not only vocal for local but a Bharat which goes global. The Bharat of today will indeed be the world’s growth engine and collectively India is going to be powering the world economy for several decades to come. Our mission is clear to make India a developed nation with a 10x growth to become a $35 trillion economy by 2047,” he added.

Speaking on the recently passed the Jan Vishwas (Amendment of Provisions) Act, 2023 Goyal said that it is an act to amend certain enactments for decriminalizing and rationalizing offenses to further enhance trust-based governance for ease of living and doing business. We are already working on it and urge the industry to come up with ideas as we plan to come up with Jan Vishwas bill 2 with additional provisions where we decriminalize and make compliance easier.

Highlighting the potential of Indian economy and forex reserves, Goyal said that at current levels of current account deficit or levels of trade deficit, our foreign exchange reserves are enough for the next 5-6 years without any threat to India’s economy or our foreign currency valuations.

The way country is transforming towards innovative India, Goyal stated that 3 pillars are key to sustain this growth. “Pillar of strong fundamentals of the economy, the pillar of an aspirational India and the pillar of massive investments directed towards infrastructure is what will define the next 3 decades of India,” he asserted.

Goyal also stressed that the industry should scale up to meet the global competition. “I would urge the industry to focus on the two elements which the world today recognizes. They include inclusive growth and sustainable growth, and holistic development of the country will help us engage with the world with greater confidence,” he highlighted.

Subhrakant Panda, President, FICCI said, “The Q-2 GDP data released recently reflects the appropriateness of the theme of FICCIAGM. India is a rare bright spot despite headwinds due to a complex geopolitical scenario. A trifecta of a large domestic market, sustained reforms and favorable demographics has really propelled India into being the world’s growth engine. There is clearly an opportunity for India.”

Dr Anish Shah, President- Elect, FICCI delivered the vote of thanks.