A Committee under the Chairmanship of Shri M. Damodaran was constituted to suggest measures for a roadmap for improving business climate in India. Giving this information in written reply to a question in the Lok Sabha today, Shri Sachin Pilot, Minister for Corporate Affairs, said that the Committee has since submitted its report to the Central Government recommending (a) legal reforms (b) regulatory architecture (c) boosting efficacy of regulatory process (d) enabling Micro, Small and Medium Enterprises (MSMEs) and (e) addressing state level issues. The report was also placed on the website of the Ministry of Corporate Affairs and shared with different Ministries and Departments for implementation of those aspects which fall under their jurisdictions. Shri Pilot informed the House that most of the recommendations of the Committee have been taken into account in the Companies Act, 2013.

Corporate law reform: most Damodaran Committee recommendations incorporated into the national Companies Act, enhancing regulatory and MSME measures. The Damodaran Committee's principal recommendations-legal reforms, regulatory architecture, regulatory process efficiency, enabling MSMEs, and addressing state-level implementation-were submitted to the Central Government, published by the Ministry of Corporate Affairs, circulated to relevant Ministries and Departments, and largely taken into account in the Companies Act, 2013, with remaining cross-jurisdictional measures requiring inter-ministerial and state-level follow-up.