Vaishnaw urges industry to form task forces for compliance simplification

Union Minister Ashwini Vaishnaw on Wednesday asked industry players to form sector- specific task forces to spot opportunities of simplifications in compliances and regulatory issues that they believe the government should address.

“I have a small request, if you can collect, join together, and create seven or eight task forces, maybe even 10, just focusing on your sector, and identify the simplification opportunities that you would like the government to work on. I can promise you that we will sincerely work on those processes, jointly,” Vaishnaw said while addressing a gathering of industry and policy experts at an event organised by Public Affairs Forum of India (PAFI).

Vaishnaw suggested that once functional, the task forces across sectors such as manufacturing, IT services, among others, can meet once in a month to discuss the issues.

“Let us meet once a month. I am willing to invest two to four hours for each session, and we will make sure those simplifications happen,” he said.

When asked about the roadmap to achieve the $500 billion electronics production target by 2030 which was recently announced by Prime Minister Narendra Modi, Vaishnaw said that the industry and the government were putting up a plan together towards achieving it.

“The industry is working with the government to put up a package of reforms, which would include deep reforms on how we can accelerate our electronics manufacturing to reach the target of $500 billion in the coming few years,” he said.

“Whatever be the ambition, if the hard work and the right policies can come in, it can be achieved,” he added.

Vaishnaw, while speaking at the event, also asked the industry to align their business goals in accordance with a 10-14 per cent nominal growth rate for the next four years.

“I want to tell you that at least for the coming four-year, minimum, we will definitely have a 6-8 per cent growth rate with moderate inflation, so nominal growth of 10-14 per cent. So please give that message back to your senior executive teams, and make sure that your business plans are aligned to it,” he said while addressing the gathering in the event.