On Wednesday, October 5, 2023, the country celebrated the 55th anniversary of the Institute of Company Secretaries of India (ICSI). The 55th foundation day of ICSI was celebrated at Rashtrapati Bhavan in New Delhi. During the occasion, President Droupadi Murmu gave an important message to the corporate world. The president reminded the businessmen, entrepreneurs, and professionals about the tradition of ethical wealth creation in India. Droupadi Murmu also appealed on the 55th Foundation Day of the Institute of Company Secretaries of India, to businesses that their aim should also be social development and justice besides economic development. In the following sections of this article, we have explained in detail what the president of India and the Union finance minister said on the occasion. Keep reading this article.
At the event held to commemorate the 55th foundation day of ICSI, the president of India cited the works of Saint Thiruvalluvar and Kautilya and asserted that in India ethical wealth creation has always been encouraged and praised. Though the president gave the speech in Hindi, she said that it is the responsibility of the corporate sector to pursue social well-being and justice. Droupadi Murmu referred to what Gandhi Ji said about sins- wealth without work, commerce without ethics, and knowledge without character.
The president of India went on to say that one should ensure that the laws designed to increase the business environment and investment in the country are used appropriately. Union Finance Minister Nirmala Sitharama who was also at the event said that the central government has decriminalized the laws, removed archaic laws, and reformed taxation. The secretary of the Ministry of Corporate Affairs Manoj Govil who was also present on the occasion said that the ministry will begin a review of all regulations this month as has been announced by the finance minister in the union budget speech earlier this year.
In her budget, Nirmala Sitharama announced that financial sector regulators will be asked to carry out a thorough review of existing regulations to simplify, ease, and reduce the cost of compliance. Sitharama had said in her budget speech they would consider suggestions from the regulated and public entities. Secretary in the Ministry of Corporate Affairs further added that the time taken for firms to voluntarily exit the business has come down to about 100 days now compared to about 180 days earlier. Stay tuned to this website.