Ministry of Commerce & Industry

Posted On: 11 FEB 2019 1:00PM by PIB Delhi

A Better Regulatory Advisory Group was constituted under the chairmanship of Secretary, Department for Promotion of Industry & Internal Trade on 27.10.2017 to identify the regulatory and procedural issues hindering investments by the domestic and foreign companies.  The following sub-groups were formed to recommend measures for developing a better mechanism for fast-tracking such investments:

i. Income-tax

ii. Goods and Services Tax

iii. Corporate Laws

iv. Financial Securities Laws

v. Regulatory Impact Assessment

vi. MSME

The recommendations received from the Group were shared with the concerned Ministries and Departments for implementation. However, no specific timeline was set for implementation of these reform measures.

This information was given by the Minister of State of Commerce and Industry, C. R. Chaudhary, in written reply in the Lok Sabha today.

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Regulatory advisory group constituted to identify investment hindering rules and recommend reforms; recommendations shared without timeline. A Regulatory Advisory Group chaired by the Secretary, Department for Promotion of Industry & Internal Trade, was formed to identify regulatory and procedural obstacles to domestic and foreign investment, with six sub groups covering Income tax, GST, Corporate Laws, Financial Securities Laws, Regulatory Impact Assessment and MSME; the sub groups' recommendations were shared with relevant Ministries and Departments but no implementation timeline was set.