Finance Minister Nirmala Sitharaman on Wednesday urged company secretaries to rededicate themselves for better corporate governance, as India gears to become a developed nation by 2047. Addressing the 55th Foundation Day of the Institute of Company Secretaries of India (ICSI), the finance minister said it is time to “rededicate ourselves for and towards better corporate governance… we cannot see our value systems being diluted… corporate governance is an issue on which all of us are committed.”
Praising ICSI, she said, the high standard set by the institute is well recognised across the world.
She appreciated the decision of the ICSI to waive off registration fee for Agniveer, defence personnel and families of martyrs for enrollment in company secretaries course.
The other decision, to donate Rs 11 lakh for the education of daughters of martyrs, is also praiseworthy, she noted.
The Finance Minister said the government has taken significant steps to promote ease of doing business like decriminalisation of minor offences, introduction of the Insolvency and Bankruptcy Code, simplification of regulatory frameworks, tax reforms, and removal of unnecessary and archaic compliance or laws.
As many as 39,000 unnecessary compliances have all been removed, along with 1,500 archaic laws, she said.
Since 2014, for the kind of FDI reforms that the government has undertaken, she said, India has received about USD 230 billion in the last three financial years, which means interest of companies to get invested in India and to run businesses here is now very clearly pronounced.
“And that’s where corporate good governance, which you as company secretaries can bring in, makes a difference,” she said.
Speaking on the occasion, Corporate Affairs Secretary Manoj Govil said, the number of companies and LLP incorporation during the year is higher by 11 per cent compared to last year.
With regard to the winding-up process, Govil said, it has come down from 180 days to 100 days during this year.