India Needs Timely System Modernisation to Achieve 2047 Goals: Finance Minister

New Delhi (The Uttam Hindu): Finance Minister Nirmala Sitharaman said that for India to achieve the goal of becoming a developed nation by 2047, it is crucial to modernise systems on time and simplify procedures. She emphasized that this era is driven by governance, and the Ministry of Corporate Affairs (MCA) must work to make governance easier, transparent, and focused on facilitation.

Speaking at a review meeting with the Regional Director and Registrar of Companies, she said the MCA should be made future-ready so that stakeholders receive services in a time-bound manner. Minister of State for Corporate Affairs Harsh Malhotra, the MCA Secretary, and senior officials were also present.

Sitharaman noted that the ministry has updated various laws and rules to match changing times. She highlighted the Insolvency and Bankruptcy Board as an example of reform-driven legislation. Such changes, she said, ensure that systems remain responsive to the needs of a transforming India. She also stated that India’s corporate governance framework has earned public trust by providing transparent financial information.

The Finance Minister stressed the importance of the MCA’s role in guiding and regulating companies. During the meeting, she advised the ministry to consider creating a live dashboard to enhance transparency in its systems.

Minister of State Harsh Malhotra said the MCA should follow the principle of “maximum governance, minimum government.” He added that regular interactions with stakeholders would help resolve their issues more efficiently.

The MCA Secretary said that the enforcement manual has been standardised and that the ministry is already working to simplify rules and processes to ensure transparent and timely service delivery.