India essentially present a "welcoming and comforting"
surroundings to foreign capitalists who are incisive to establish
companies and make up jobs here, Corporate Affairs Minister Sachin
Pilot has said. Accenting the demand to have a growth model that
makes jobs, Pilot on Friday told that the Government only cannot
render jobs for the growing youth and that enterprising activity
has to be bucked up for this purpose.He also said that close
support and good working relationship between the Union and State
Governments were necessary for catering a good investment climate
to foreign investors.
India needs to make 50 million jobs every year to keep up the
current growth impulse and provide possibility for those entering
the job market. The Companies Bill - when decreed into law - will
get rid of impediments and promote job creation in India, Pilot
said at the second international meeting of Corporate Secretaries
International Association (CSIA) here.
"We want to form the path easier (for investing). We
acknowledge that there are impediments to investing here in terms
of clearances etc. "One of the complaints that is often heard
in India is it is very hard to begin a company or perhaps
infeasible to wind it up. "If the Companies Bill gets decreed
into law, we will be able to cut down the time taken to wind up a
company. There are a lot of standards that we are following now
which may not be there when new law gets represented," Pilot
said. He was anticipative that the Upper House of Parliament would
presently pass the Companies Bill, which will renew the just about
six-decade old Companies Act.
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The Ministry of Corporate Affairs notified on June 5, 2015 that certain provisions of the Companies Act, 2013 shall not apply to private limited companies or shall apply with such exceptions or modifications as directed in the notification.
Whilst trade and barter have existed since early times, the modern practice of forming business relationships through the means of contract has come into existence only since the industrial revolution in the West.
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