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Business EconomyPosted at: May 18 2016 2:37PM


DIPP ask to form internal panel to review outdated laws

New Delhi, May 18 (UNI) A Parliamentary panel has asked the Department of Industrial Policy and Promotion to form an internal committee to review outdated and obsolete laws and rules being administered by the department and set a timeline for repealing them.

''There must be a mechanism for immediate review of obsolete and outdated laws/rules which impinge upon the optimal working of industries as well as creation of an attractive business environment,'' according to the department related parliamentary standing committee on commerce.

On enquiring about the status of the review of such laws, the department said that review of law was a work in progress and views on continuance,modifications or repeal were yet to crystallise.
However, the committee said that the reply was not found satisfactory.
The department should make concerted efforts to ensure an effective and enabling environment for the industry by repealing the antiquated laws as the business environment was riddled in India in a web of redundant laws which hamper production, competitiveness and investment as a consequence,it added.
The committee also said that it is concerned about the low R&D orientation and innovation ecosystem of the industry needs strengthening with adequate financial incentives.
Meanwhile, in the recent years several measures have been taken to facilitate a visible impact on ease of doing business which has improved India's rank in ensuring ease of doing business and the country is now at 97th place among 144 nations, while last year its rank was 142, the committee noted.
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