The central government will introduce a comprehensive decriminalization law in the upcoming winter session of parliament, said Piyush Goyal, Union minister for trade and industry, consumption, food and distribution public and textiles. The new law will give a significant boost to the ease of doing business, he added.
Addressing the 117th Annual Session of the PHD Chamber of Commerce in New Delhi on September 30, the minister said decriminalization of articles of various laws would end the harassment faced by businesses and reduce the burden of compliance.
Goyal spoke of the large number of reforms and transformational measures taken in the past few years and said the government was pursuing a model of broad-based and consensual development across all sectors and enterprises. He also sought input from industry that could be included in the proposed bill.
Regarding the government’s approach towards Free Trade Agreements (FTAs), Goyal said the government is working to gain better market access to developed countries for Indian goods and services through FTAs. FTA negotiations between India and Canada are ongoing, he said.
According to him, India’s engagements with developed countries that are high-income and high-consumption countries will help maximize Indian exports, which in turn will lead to greater job creation in the country. He said the government ensures that FTAs are fair, balanced and equitable for both parties involved. He urged the industry to abandon its protectionist mindset and said our negotiations are happening with countries that have rules-based systems and transparent processes.
Goyal dwelt on the challenges facing the world from the pandemic to regional conflicts to economic recession and inflation and said that amidst all this turmoil, India has been a shining star .
The Minister said that India continues to be one of the fastest growing economies and continues to successfully control inflation compared to the rest of the world. He observed that while double-digit inflation was normal before, the country is now able to contain inflation at around 7%. He also noted that India was ranked 40th in the Global Innovation Index (GII) by the World Intellectual Property Organization (WIPO) and said that this was the result of innovative reforms undertaken by the government.