New Delhi: Union Finance and Corporate Affairs Minister Nirmala Sitharaman inaugurated the iconic Ministry of Corporate Affairs (MCA) week at the Azadi Ka Amrit Mahotsav celebrations here today.
Union Minister of State for Corporate Affairs Rao Inderjit Singh graced the celebrations as guest of honor in addition to the presence of Rajesh Verma, Secretary, MCA; Sanjay Kumar, Additional Secretary and Financial Advisor, MCA; and Ashok Kumar, Minister of Posts (Operations), as well as heads of other subordinate and regulatory organizations under the ministry.
In his address at the Azadi Ka Amrit Mahotsav celebrations, Sitharaman recapped the reforms undertaken over the past 8 years by the MCA, including the enactment of the Insolvency and Bankruptcy Code, the Decriminalization Act 2013 Companies and the Limited Liability Companies Act 2008. & breaches of procedure was a very important step taken during the pandemic as the Prime Minister’s message was ‘trust your businesses, assure them that the government views them favourably’.
The Minister of Finance said: “The MCA is in a unique position as it facilitates people while regulating. This has impacted the lives of ordinary Indians, whether in their small businesses, or as part of large corporations or even small investors.
“MCA remained on their toes while dealing with the challenges due to COVID-19 and offered different quick steps that even during lockdown people could go about their normal business without having to worry about compliances,” added Sitharaman.
Speaking about domestic investors in India, the finance minister said, “Retail investors in India have come so far that they now seem to be acting as shock absorbers. While REITs and FIIs have disappeared, our markets have not shown distinct ups and downs because small investors have come into the country in large numbers.
The Minister of Finance also acknowledged the importance of professional institutes as well as other organizations under the ministry, as mission partners of Developed [email protected]
In his remarks, Union Minister of State for Corporate Affairs, Rao Inderjit Singh, emphasized the need for responsive governance in the face of an ever-changing corporate landscape for sustained economic growth of the country. Shri Singh mentioned that the gradual change the country has witnessed over the past 75 years will pave the way forward.
To commemorate the AKAM celebrations, Sitharaman released a short film on corporate governance; a commemorative postage stamp on financial literacy and investor awareness; and an IBC publication “Insolvency – Now and Beyond” to mark the event. The Minister of Finance has also launched a special window facility for people aged over 75 to claim reimbursement from the IEPF authority.
An investor oath, in the form of a short video, was also released by the Minister of Finance, which was simultaneously observed in 75 locations across India, alongside the launch of the national exchange portal on the corporate social responsibility (CSR).
Different organizations and institutes under the Ministry of Corporate Affairs presented their achievements during an exhibition organized on this occasion.
The event was an amalgamation of diverse industry experts, consumer and investor voices, regulatory experts, professionals, corporate citizens, investors and other stakeholders.
Various technical sessions were organized by IEPF Authority, Competition Commission of India, Indian Insolvency and Bankruptcy Board, Indian Institute of Business Affairs and professional institutes viz. ICSI, ICAI, ICoAI, to add to the celebration.
The Ministry of Corporate Affairs has organized more than 360 programs on different themes under this Mahotsav in the past year, including Ideas @75, Resolve @75, Actions @ 75, Achievements @ 75; commemorating the struggle for freedom. These programs involved the participation of all key stakeholders and promoted the spirit of Jan Bhagidari.