India is committed to economic reforms with pro-business policies like Atma Nirbhar India, Digital India, Skill India, Make in India, Start-up India, Ease of Doing Business, and Ease of Living for Professionals. Prime Minister has announced many schemes like Gati Shakti, One District One Product, Sab Ka Saath Sab Ka Vikas, PLI, Startup Village Entrepreneurship Programme, Schemes for MSME India, Nayi Roshni Scheme, National Initiative for Development and Harnessing Innovation (NIDHI), Vande Bharat and many more.

Further on September 17, 2023, PM launched the Central Sector Scheme PM-VISHWAKARMA to provide recognition and holistic support to the traditional artisans and craftsmen working with their hands and elementary tools, so as to improve the quality, scale, and reach of their products and also to integrate them with MSME value chains.

Recently in August 2023, India got its first Act on data protection namely Digital Personal Data Protection Act 2023. An Act to provide for the processing of digital personal data in a manner that recognizes both the Right of Individuals to protect their personal data and the need to process such personal data for Lawful Purposes and for matters connected therewith or incidental thereto.

The GDP of India recorded a growth rate of 7.8% in the first quarter of FY 2023-24.

India is on the ascent fortified by forward-looking policies and programs that prioritize skill enhancement, cultivation of talent, and fostering an entrepreneurial ecosystem. Indian sectors like Defence, Aerospace, Banking and Financials services, and technology outperformed their global peers. India has secured its place in all the sectors that will impact the world economy in the next 25 years, sectors like green hydrogen, semiconductor, electric vehicle, solar energy, defence, drones, space, mining and green fuel ethanol are going to impact the world economy for the next 25 years.

We hear success stories of SME listing, Unicorns from small cities, women empowerment, spreading financial literacy to rural, dignifying living to Tribals, development in tier 2 and 3 cities, and focus on development in States of North East.

Just concluded G20 Summit has demonstrated to the world that India can provide leadership with a vision and forge consensus even in difficult times, said Commerce and Industry Minister Piyush Goyal.  G20 Summit can be described in one word “World TRUST in India”.

SDG sets out the need to “achieve gender equality and empower all women and girls” and in line with same India has placed the Women Reservation Bill, 2019, which is also known as Nari Shakti Vandan Adhiniyam. It seeks to reserve one-third of the total number of seats in Lok Sabha and state legislative assemblies for women. Women’s reservation in politics empowers women at various levels. It not only encourages more women to participate in politics but also inspires women to take on leadership roles in other sectors. The bill was the first that was considered in the new parliament building on September 20, 2023, Lok Sabha passed the bill with 454 votes in favor and 2 votes against. The Rajya Sabha passed the bill unanimously with 214 votes in favour and none against on September 21, 2023. This has made it clear that the reservation will come into force soon after the first delimitation. This exercise of delimitation will take place after the Lok Sabha elections in 2024.

On 29 September 2023, Union Home Minister and Minister of Cooperation Shri Amit Shah addressed the 118th annual session of the PHD Chamber of Commerce and Industry on ‘Rising India: Amrit Kaal of Unprecedented Growth’ as the chief guest in New Delhi. He said that our companies will have to work towards becoming multinational and now the need of the hour is for Indian companies to become multinational. Along with this, we will also have to increase investment in R&D. Today we are in first place in the world in the production of pulses, milk, and jute production and if there is any country that produces the maximum number of railway engines, it is India. Apart from this, today we are in second place in the world in mobile handset production, cement, steel, and cotton production and we have also reached second place in tea production. We have reached the third position in startups and motor vehicles. This shows that if we decide, we deliver.

Shri Amit Shah said that we have skilfully brought our banking sector out of NPA. A Credit Guarantee Fund Trust of Rs. 9000 crore has also been created to promote MSMEs. He said that Prime Minister Shri Narendra Modi has developed a Team India approach, and it does not mean the Government of India and the State Governments. Every farmer of the country and every small and big industry together form Team India, and only then we will be able to reach our goal in 2047. He said that today Amritkaal is beginning, it is time to take a resolution and make a road map for Sankalp Se Siddhi, that is why this is the time, the right time.

Conclusion

India’s prospects in commerce and industry are robust, with impending reforms on the horizon. The role of Company Secretaries remains pivotal in providing essential guidance to budding entrepreneurs. Their expertise in building a solid foundation of Governance, navigating regulations, supporting in managing operations, and offering strategic counsel will continue to be instrumental in shaping the trajectory of India’s business landscape for the foreseeable future.