New Delhi - Ms. Manmeet Nanda, Joint Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry reiterated that the government’s practices and policies focus on the use of technology for ease of doing business. She highlighted that the Department has been able to reduce forty thousand regulatory compliance burdens. She mentioned that shortly a report on the “Cost of Regulations” will be released. Further she mentioned that comments and perspectives of the developing and emerging nations have been put forward for the World Bank’s “Be Ready” report which is in the pipeline. She also shared that due to extensive consultations with various departments, the Central Pollution Control Board announced that ‘Extended Producer Responsibility’ (EPR) once granted will not require renewal, adding to the ease of doing business  initiatives by DPIIT.

Ms. Nivruti Rai, MD & CEO, Invest India emphasized the importance of technology in helping India boost its GDP since it lowers costs and makes doing business easier. She also emphasized the importance of “capitalizing on opportunities” for India, in particular for its sixty million MSMEs. Given the enormous scale of MSMEs in India, their technological skills must be upgraded and access to the market should be enhanced. She stressed upon the “Jan-Dhan Aadhar Mobile (JAM) Trinity”, the strength  that India is leveraging for making its mark in the world.

India has been the fastest growing  economy among the major economies. India is ahead of China in terms of GDP and exports. According to IMF data, China will be growing at 4.1% (average) whereas India’s growth rate will be 6.1% (average) from 2023 to 2028. India was the world’s 10th largest economy in 2014, but now it stands at fifth spot with GDP size of USD 3.7 trillion (2023), as it now India attracts a great chunk of FDI. Soon India will be a 100 billion USD FDI destination, said Mr. Saket Dalmia