How is Modernization of Systems and Simplification of Processes Vital for Viksit Bharat?
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Synopsis
In a recent meeting, Finance Minister Nirmala Sitharaman emphasized the need for timely modernization and process simplification in India to achieve its goal of becoming a developed nation by 2047. She highlighted the importance of transparency and stakeholder engagement in governance.
Key Takeaways
- Timely modernization is critical for India's development.
- The MCA should prioritize transparency in governance.
- Stakeholder engagement is essential for prompt issue resolution.
- Standardization of processes will enhance service delivery.
- Frequent discussions can improve ease of doing business.
New Delhi, Nov 26 (NationPress) In order to achieve the status of a developed nation by 2047, India must prioritize the timely modernization of its systems and the simplification of processes, stated Finance Minister Nirmala Sitharaman.
The Finance Minister emphasized that we are currently in the era of governance, and as such, the driving principle of the Ministry of Corporate Affairs (MCA) should be to facilitate easy, transparent governance.
“The MCA needs to be future-oriented in order to serve its stakeholders effectively and in a timely fashion,” she remarked during a meeting aimed at reviewing the Regional Directorates and Registrar of Companies.
This review meeting was graced by the presence of Union Minister of State for Corporate Affairs, Harsh Malhotra, along with the Secretary of the Ministry of Corporate Affairs and senior MCA officials.
Sitharaman highlighted that the MCA has implemented several necessary amendments to The Act and Rules to remain aligned with evolving circumstances, citing the Insolvency and Bankruptcy Board as a prime example of reformative legislation. Such measures ensure that current systems are responsive to the demands of modern India.
She commended Indian corporate governance for earning the trust of the populace through the provision of transparent financial information.
The Finance Minister also underscored the critical role of the MCA in guiding and regulating companies to maintain well-managed governance structures.
Malhotra noted that the MCA should adhere to the principle of maximum governance and minimum government, as directed by Prime Minister Narendra Modi. He proposed that regular engagement with stakeholders would aid in promptly addressing issues.
The MCA Secretary revealed that the MCA is in the process of standardizing its enforcement manuals, with ongoing efforts to simplify processes and rules for transparent and timely service delivery.
During the review, the Finance Minister instructed the MCA to develop a live dashboard to enhance transparency within its systems.
As a future direction, the Finance Minister urged MCA officials to discover effective methods for communicating legal requirements to stakeholders and proposed frequent internal discussions to identify measures for improving the ease of doing business.
Point of View
The emphasis on modernization and process simplification is crucial. The government's proactive approach, as articulated by Finance Minister Sitharaman, reflects a commitment to enhancing governance and stakeholder trust. It is essential that these reforms are not just bureaucratic changes, but genuine efforts to improve the ease of doing business across the country.
NationPress
26/11/2025
Frequently Asked Questions
What is the goal for India by 2047?
India aims to become a developed country by the year 2047 through modernization and process simplification.
Who is leading the initiative for modernization?
Finance Minister Nirmala Sitharaman is spearheading the initiative for modernization and simplification of processes within the Ministry of Corporate Affairs.
What is the role of the Ministry of Corporate Affairs?
The Ministry of Corporate Affairs is responsible for ensuring transparent governance and guiding companies in maintaining effective governance structures.
Why is transparency important in governance?
Transparency builds trust among citizens and stakeholders, ensuring that financial information is accessible and reliable.
What measures are being taken for process simplification?
Measures include standardizing enforcement manuals and developing a live dashboard for better transparency and service delivery.
