Why is it in the news?
- The Ministry of Corporate Affairs (MCA) has operationalized a Central Processing Centre to streamline regulatory compliance processes and enhance Ease of Doing Business (EoDB)
More about the news
- The CPC is established to facilitate Ease of Doing Business (EoDB) by centralizing the processing of regulatory compliance forms filed under the Companies Act and Limited Liability Partnership Act.
- Its objective is to process applications in a time-bound and faceless manner, aligning with the operational methods of the Central Registration Centre (CRC) and Centralized Processing for Accelerated Corporate Exit (C-PACE).
- The focus of EoDB is on simplifying procedures related to various business activities such as applications, renewals, inspections, and filing records.
- It also aims to rationalize existing regulations by repealing, amending, or subsuming redundant laws to reduce bureaucratic hurdles and improve the efficiency of business operations.
- Additionally, EoDB reforms aim to decriminalize minor technical or procedural defaults, providing relief to businesses and fostering a more conducive environment for entrepreneurship.
Significance of EoDB Reforms
- Economic Growth: By improving resource allocation, enhancing competitiveness, and reducing regulatory burdens, EoDB reforms contribute to economic growth.
- Foreign Investment: EoDB reforms are instrumental in attracting foreign investment by creating a more transparent, predictable, and investor-friendly business environment.
- Social Development: EoDB reforms promote inclusivity by providing opportunities for marginalized communities to participate in economic activities.
| Other Initiatives taken for EoDB Reforms
· Labour Law Reforms: The amalgamation and rationalization of 29 Central Labour Laws into 4 labour codes aim to simplify and streamline labour regulations, promoting ease of compliance for businesses and improving the overall business environment. · Foreign Investment Reforms: The introduction of the Foreign Investment Facilitation Portal (FIF Portal) streamlines the foreign investment process, making it easier for investors to navigate regulatory requirements and facilitating foreign investment inflows into the country. · Business Reform Action Plan 2022: It consists of two parts, namely Action Plan A (Business-Centric Reforms) and Action Plan B (Citizen-Centric Reforms). 1) Action Plan A focuses on implementing business-centric reforms such as the National Single Window System, aimed at simplifying business procedures and improving the ease of doing business. 2) Action Plan B focuses on citizen-centric reforms, including the implementation of online single window services and certificates, aimed at enhancing the overall experience for businesses and citizens interacting with government services. |
