India to review Company Act to ease business

Wednesday, 18 June 2014 00:01 -     - {{hitsCtrl.values.hits}}

Reuters: The Indian Government is to review the Company Act to ease business in the country, said Junior Commerce Minister Nirmala Sitharaman on Saturday (June 14). Sitharaman, who has independent charge of the ministry, said the government would consult all the stake holders on June 21, to remove the bottlenecks to facilitate investment and jobs creation. “Next Saturday (June 21) in Delhi we are having a major consultation to see why the Company Act has problems? What are the problems and how best these problems can be sorted out?” Sitharaman said in southern city of Chennai. She added that her ministry wanted to understand the difficulties and constraints faced by Special Economic Zones (SEZs). “Why are they not vibrant? Why are they can’t buoyant as they should be? Why some of the SEZs (Special Economic Zones) are still in the pipeline? Some of them are grounded but they are not giving as much as they were expected to give. So on the SEZs actually there is complete review happening,” Sitharaman added. Promises of Hindu nationalist Bharatiya Janata Party (BJP) to break the spell of weak growth and high inflation helped its leader Narendra Modi to a victory last month that gave his party the strongest parliamentary majority in 30 years. A slumping industrial performance is at the heart of India’s growth struggle. Output contracted 0.1 percent in the fiscal year that ended in March. It has eased in four of the past six months.