Amendments to Company Act can remove several hindrances, says Nirmala Sitharaman

In its bid to ensure a sustainable growth rate in India, the Centre today said it was in the process of amending certain provisions of the Companies Act, 2013 in order to overcome hurdles affecting hassle-free industrialisation.

"Several hindrances can be removed by just amending certain provisions of the Companies Act. As industry and manufacturing sector contributes to the growth, it is essential to improve the business environment in the country," Union Minister of State (Independent Charge) for Commerce and Industry Niramala Sitharaman said.

Sitharaman said this while addressing the National Symposium on Manufacturing and Best Practices to Improve the Business Environment jointly organised by Odisha Government's Industries department and Department of Industrial Policy and Promotion, Government of India.

"There are several aspects to the Companies Act that need a relook. Some of them need to be changed while others need to be corrected to improve the ease of doing business in the country," she told reporters after the meeting.

Stating that the Centre had a day-long session on the issue on June 21, she said "So, some corrections to the rules are happening and we expect to complete the whole exercise in the next few months."

Assuring industries, the Union Minister said "We will ensure to take steps to amend the act and facilitate the investors to do business in a better environment."

The Union Minister also highly appreciated the growth in industry and manufacturing sector in Odisha. "I understand that industry and manufacturing sector contributed 40% of the state' GDPS. Odisha is silently and steadily making progress and a trend setter," Sitharaman said.