FM Sitharaman: Regulatory frameworks must foster trust in systems

Kolkata

On Thursday, Union Finance Minister Nirmala Sitharaman emphasized the importance of regulatory frameworks that not only ensure good governance but also promote business growth, encourage formalization, and foster trust in India's systems. Speaking at the inauguration of the ‘Corporate Bhavan’ in New Town, Kolkata, Sitharaman highlighted the facility’s role in offering a one-stop solution for corporate services. The building will house various offices, including the Regional Directorate (East), Registrar of Companies, Official Liquidator, SFIO, NCLT (Kolkata Bench), and the Insolvency and Bankruptcy Board of India (IBBI).

Sitharaman also introduced the first-ever ‘Prime Minister Internship Scheme (PMIS) Facilitation Centre,’ located within the Corporate Bhavan. This center aims to guide aspiring interns by providing information and support with their applications. She noted that the facility will serve as a single-window interface, enhancing operational efficiency and reducing costs for companies, insolvency professionals, auditors, startups, and investors.

The facility's design emphasizes energy efficiency, waste recycling, smart parking, and the well-being of its occupants. Equipped with carbon dioxide sensors, the building ensures good indoor air quality.

Additionally, the ‘MCA CII PMIS Centre’ is a collaborative effort between the Ministry of Corporate Affairs (MCA) and the Confederation of Indian Industry (CII). It aims to connect young people (ages 21-24) with internship opportunities and provide them with career counseling, guidance, and support with the PMIS registration process.

This consolidation of services is expected to improve the Ease of Doing Business by accelerating the approval process, offering comprehensive services, and making corporate regulatory services more efficient and accessible.