Domestic efficiencies, competitiveness must for economic resilience: Sitharaman

Kolkata: Finance and Corporate Affairs Minister Nirmala Sitharaman on Thursday said the most effective path for building economic resilience is to build domestic efficiencies and competitiveness.

The government sees the private sector as a trusted co-partner in development, she said while addressing the officers of Ministry of Corporate Affairs after inaugurating the ‘Corporate Bhavan’ in New Town here.

"In this phase of a rapidly evolving global policy landscape with a number of imponderables, our conviction is that the most effective path to building economic resilience is to build domestic efficiencies and competitiveness," the minister said.

Sitharaman further said that improving ease of doing business is a key component of the vision to ensure India becomes a global economic powerhouse.

She said that the government remains committed to simplifying business regulations to encourage entrepreneurship, strengthening institutions that promote fairness and accountability in corporate governance, and supporting a culture of innovation and skill development.

Sitharaman also stated that the country's regulatory frameworks must not only safeguard good governance but also enable enterprise, encourage formalisation, and build trust in the systems.

She further said that the Corporate Bhavan will become a true single-window interface for companies, insolvency professionals, auditors, startups, and investors seeking timely corporate regulatory services.

The consolidation of services at the Corporate Bhavan will help significantly cut costs, accelerate approval process, and improve operational efficiency – all of which will help enhance ease of doing business, she added.

The Union Minister also said that the first ever ‘Prime Minister Internship Scheme (PMIS) Facilitation Centre’ is also located in the Corporate Bhavan, Kolkata.

It will help the aspiring interns in getting the information and issues related to their applications, she said.

The seven-storey building has a built-up area of 13,239 square meters built at a cost of Rs 150.43 crore. It is designed with a focus on energy efficiency, waste recycling, smart parking, and the well-being of its occupants.

The MCA CII PMIS Centre, a collaborative initiative between Ministry of Corporate Affairs (MCA) and Confederation of Indian Industry (CII), aims to connect eligible youth (aged 21-24) with internship opportunities offered by participating companies.

Through a dedicated three-member team, the centre will focus on identifying eligible candidates who are not in full-time education or employment, providing comprehensive guidance, and facilitating their registration and application in the PM Internship Scheme.