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Business News/ News / India/  Next gen reforms firmly on track; compliance norms should be simplified for start-ups: Nirmala Sitharaman
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Next gen reforms firmly on track; compliance norms should be simplified for start-ups: Nirmala Sitharaman

Sitharaman said she has had an interaction with start-ups, particularly from the fintech sector.

Union finance minister Nirmala Sitharaman. (Photo: PTI)Premium
Union finance minister Nirmala Sitharaman. (Photo: PTI)

New Delhi: Next generation reforms are firmly on track and only external factors such as prices of crude oil, natural gas and fertilizers are a matter of worry for the economy, finance minister Nirmala Sitharaman said on Wednesday.

Speaking at an interactive session organized by the Indian Express Group and streamed online, the minister also said the government was sympathetic to the genuine concerns of the start-ups and that the compliance regime for them has to be simplified and be made user-friendly.

Sitharaman said she has had an interaction with start-ups, particularly from the fintech sector. 

“It was a fantastic conversation. They have voiced their concerns. The regulators were all with me and they have all understood and they connected with them. I did tell the RBI (Reserve Bank of India) that once in a month, on a dedicated day, they should do a virtual conference with fintech start-ups," the minister said referring to the meeting held on Monday. 

Sitharaman said the clarifications to be issued at the proposed monthly conference can be made public as frequently asked questions.

“I am very empathetic to their problems," the minister said. Sitharaman said start-ups may want to have a better level of comfort from regulators, which was fine. Sitharaman explained that she doesn’t want the start-up sector to have any apprehension about their future. 

“The government is very much with the start-ups. We want to be sure that you will be given all assistance because you intend to carry on with innovation; the compliance will have to simplified and be made user-friendly."

Sitharaman said only external risks such as the impact of geopolitics on prices of commodities like crude oil, natural gas and fertilizers are a matter of worry for the Indian economy, which has benefited from policy stability.

Sitharaman said the next set of reforms are on track with Prime Minister Narendra Modi guiding the government as a cohesive organization. It doesn’t work in silos and everyone works to achieve the goals of the policies that the government brings. 

“There is no instance of people moving in different directions. With that kind of work culture, one emphasis is on system reforms, whether you throw out un-necessary laws or whether you remove rules which are becoming an instrument in the hands of rent seekers," Sitharaman said. “The next generation reforms will certainly be on track."

Sitharaman emphasized that state governments have a role to play in reforms and that not everything is at the court of the Centre. What can be done at the state level should be done at that level, the minister said.

Continuity and stability in policy, predictability in taxation, inclination toward greater reforms, transparency and absence of corruption have made India attractive to investors, the minister said. Sitharaman also said the twin balance sheet problem that affected the Indian economy in the past has become a twin advantage now with companies and banks having better balance sheets.

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Published: 28 Feb 2024, 11:15 PM IST
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