Union Minister Piyush Goyal Announces Big Fee Cuts for Women Entrepreneurs and MSMEs
New Delhi [India], July 4: Union Minister Piyush Goyal has announced significant fee reductions to support women entrepreneurs and Micro, Small, and Medium Enterprises (MSMEs). Women entrepreneurs will benefit from an 80% concession in licensing fees, while MSMEs will see a 50% reduction.
During a Stakeholder Consultation held in New Delhi, the Ministry of Commerce & Industry, led by Minister Goyal, stressed the importance of balancing industry compliance with public safety. The consultation, organized by the Department for Promotion of Industry and Internal Trade (DPIIT), aimed to improve efficiency within the Petroleum and Explosives Safety Organisation (PESO) and foster dialogue with stakeholders from various industries, including petroleum, explosives, and fireworks.
Minister Goyal directed PESO to work with the Central Pollution Control Board (CPCB) and the Ministry of Petroleum and Natural Gas (MoPNG) to create safety guidelines for petrol pumps located near residential areas. These guidelines will ensure strict safety measures are followed.
To streamline regulatory processes, Goyal highlighted the need to adopt global best practices. This includes integrating Third-Party Inspection Agencies (TPIAs) into more regulatory processes and developing online permission modules to replace offline procedures, enhancing efficiency and transparency.
The consultation was attended by over 150 stakeholders, including industry associations like the Federation of Agrivalue Chain Manufacturers and Exporters (FAME) and the Explosives Manufacturers Welfare Association (EMWA). They discussed critical regulatory areas needing improvement, focusing on digitalization and transparency through the PESO online portal, and faster issuance of necessary clearances.
In response to industry feedback, committees comprising MoPNG, industry associations, and regulatory bodies were formed to explore and recommend amendments to improve regulatory frameworks. The Ministry is committed to reducing compliance burdens, promoting ease of doing business, and upholding industry standards through collaborative reforms.
This stakeholder consultation marks a significant step towards creating a supportive regulatory environment for the petroleum and explosives sectors. DPIIT’s ongoing engagement with stakeholders highlights its dedication to incorporating industry insights, driving regulatory reforms, and ensuring safety across hazardous substance industries.
