The commerce and industry ministry has decided to set up a review committee to look into regulatory issues being faced by the industry, Union minister Suresh Prabhu said today.
The decision was taken in a meeting convened by the minister with industry chambers including Ficci, PHDCCI, CII and senior government officials.
Prabhu said the interaction was mainly to look at ways through which both the ministry and the industry can work together to push the growth to higher trajectory by taking certain measures.
We have decided to set up a regulatory review committee under the chairmanship of DIPP (Department of Industrial Policy and Promotion) secretary so that very quickly we can look into some of the issues which needed for growth, he told reporters after the meeting.
He said the issue of utilisation of capacity was also discussed.
Further, a government official said that the committee, which would have members from industry also, will look into all the regulatory issues which are affecting the industry.
It would help in promoting ease of doing business in the country, the official said.
The industry has raised issues related to certain laws, processes and the Goods and Services Tax.
The ministry has also decided to take regular feedback from the industry on implementation of measures on ease of doing business.
We have also decided to monitor various investment proposals both foreign and domestic to fastrack the approval processes. We will make extra effort for that and work with states, an official, who did not wish to be named, said.
The official also said that the ministry has asked the industry to give a sector-wise report on ways to increase capacity utilisation, which is around 74 per cent on average.Capacity utilisation can be done both by increasing domestic consumption or exports.