In a rare interaction between the legislators and industry representatives on the second day of the National Legislators’ Conference here on Friday were unanimous that the new era of collaboration between the two has the potential to revolutionize India’s approach to policy making. It enables industry leaders to connect, comprehend, and contribute to the legislative landscape, ultimately paving the way for a more inclusive, prosperous, and harmonious India. Legislators and industry representatives discussed at length on Bharat@2047 and Transformation of Bharat in Amrit Kaal argued that although India has made remarkable progress it continues to face persistent challenges that hinders its business landscape.
The legislators and representatives of industry gathered under the aegis of IMC Chamber of Commerce and Industry admitted that the divide between the business community and legislators can hinder progress, stifle innovation, and impede the growth of India’s economy. However, they observed that NLC presents a promising solution, aiming to bridge this gap by fostering dialogue and understanding between industry leaders and lawmakers.
According to the legislators and industry representatives, the significance of the three day NLC extends far beyond national boundaries, as it has the potential to shape India’s perception on the global stage. It will focus on creating a business-friendly environment and enhancing the ease of doing business in the country. They asserted that the understanding between the two is crucial to navigate the delicate balance between industry interests, supplier networks, and the greater good. This understanding is crucial in enabling to align goals and expectations with the broader legislative landscape.
IMC Chamber of Commerce and Industry President Anant Singhania said, ‘’Currently, navigating through the intricacies of the legal framework proves to be a formidable task, as 1536 laws exist for doing business in India, leading to over 69000 annual compliances. Every law is not applicable to each business though. Of these laws, Maharashtra has over 1200 laws containing imprisonment clauses. Overall, 37.8% of the complaiances can lead to imprisonment. This needs to change.’’
Singhania said that NLC Bharat recognises the importance of attracting investments, especially in a time when the world grapples with an energy crisis, low demand in Europe and America, and a global economic downturn. India, on the other hand, stands out as a shining example of a growing economy, offering potential opportunities for investors.’’ He further added, ‘’Inclusive growth takes center stage, as we explore ways to ensure that the benefits of economic development reach all strata of our population, from rural communities to urban dwellers. Recognising the transformative potential of digitisation, the JAM Trinity, and the remarkable contributions of startups, the conference aims to showcase how these advancements can pave the way for India to become a global leader in innovation and problem-solving,’’ he noted.
Singhania said by fostering collaboration and sharing experiences, the NLC platform enables a better understanding of diverse regional challenges, such as agriculture, infrastructure, and entrepreneurship.
