Private sector a trusted partner in development: FM Nirmala Sitharaman

First facilitation centre for PM internship scheme launched in Kolkata

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Union Minister of Finance and Corporate Affairs Nirmala Sitharaman said on Thursday that regulatory systems should not only safeguard good governance but also enable enterprise, encourage formalisation, and build trust in the system and that the government sees the private sector as a trusted partner in development. She was speaking virtually at the inauguration of the Corporate Bhawan in Kolkata. 

 

“We remain committed to simplifying business regulations, to encourage entrepreneurship, strengthening institutions that promote fairness and accountability in corporate governance, and supporting a culture of innovation and skill development,” the minister said.

 

She added that improving ease of doing business is a key component of the government’s vision to make India a global economic powerhouse. 

 

“In this phase of a rapidly evolving global policy landscape with the number of imponderables, our conviction is that the most effective path to building economic resilience is to build domestic efficiencies and competitiveness,” she said. 

 

The Corporate Bhawan inaugurated by Sitharaman will house different offices of the Ministry of Corporate Affairs (MCA), including regional directorate (east), registrar of companies, official liquidator, Serious Fraud Investigation Office, National Company Law Tribunal (Kolkata bench), and  Insolvency and Bankruptcy Board of India under one roof.

 

The minister said that the Corporate Bhawan would become a true single-window interface for companies, insolvency professionals, auditors, startups, and investors seeking timely corporate regulatory services. She called on the MCA to provide the highest standards of service delivery, ensure timely registration of companies, and provide proactive support to stakeholders and offer a facilitative approach to compliance. 

 

The Corporate Bhawan will also house the first facilitation centre of the PM Internship Scheme (PMIS). The facility will help aspiring interns get information about registration and application under the scheme and provide career counselling and guidance. It will match the candidate's qualifications and interests with suitable internship opportunities.

 

PMIS was announced in Union Budget 2024-25 to provide internship opportunities to 10 million youngsters in top 500 companies over five years. The MCA had launched a pilot project of the scheme on October 3, 2024, with a target to provide 125,000 internship opportunities in 2024-25. 

 

In the ongoing second round of the PMIS pilot project, more than 118,000 internship opportunities have been posted by partner companies across the country, according to a Lok Sabha statement.

 

The PMIS Centre is a collaborative initiative of the MCA and the Confederation of Indian Industry. It aims to connect eligible youth aged 21-24 with internship opportunities offered by participating companies. Several such centres are expected to come up across the country.