Union Minister Piyush Goyal announces major licensing fee concessions for Women Entrepreneurs and MSMEs

New Delhi: Union Minister Piyush Goyal announced a significant reduction in licensing fees, offering an 80 percent concession for women entrepreneurs and a 50 percent reduction for MSMEs.

A press release from the Ministry of Commerce and Industry indicated that these measures aim to boost participation and entrepreneurship among women and MSMEs.

During a Stakeholder Consultation in New Delhi, led by Union Minister Piyush Goyal, the Ministry of Commerce & Industry stressed the importance of balancing industry compliance with public safety.

The consultation, organized by the Department for Promotion of Industry and Internal Trade (DPIIT), sought to improve efficiency within the Petroleum and Explosives Safety Organisation (PESO) and encourage dialogue with stakeholders from the petroleum, explosives, fireworks, and related sectors.

Minister Goyal instructed PESO to collaborate with the Central Pollution Control Board (CPCB) and the Ministry of Petroleum and Natural Gas (MoPNG) to establish safety guidelines for petrol pumps operating in areas where habitation is within 30-50 meters, ensuring strict safety measures are followed.

Significant Licensing Fee Concessions for Women Entrepreneurs and MSMEs

To streamline regulatory processes, Goyal emphasized adopting global best practices. This includes integrating Third-Party Inspection Agencies (TPIAs) into more regulatory procedures and developing online permission modules to replace offline processes, thus enhancing efficiency and transparency.

The consultation saw participation from over 150 stakeholders representing various industries, providing a platform for associations like the Federation of Agrivalue Chain Manufacturers and Exporters (FAME) and the Explosives Manufacturers Welfare Association (EMWA) to highlight key regulatory areas needing improvement, according to the press release.

Recommendations from the consultation focused on digitalization, transparency through the PESO online portal, and expedited clearance processes.

In response to industry feedback, committees comprising MoPNG, industry associations, and regulatory bodies were established to explore and recommend amendments to improve regulatory frameworks.

The Ministry reaffirmed its commitment to reducing compliance burdens, promoting ease of doing business, and upholding industry standards through collaborative reforms, the press release stated.

Streamlining Regulatory Processes for Petroleum and Explosives Safety

This stakeholder consultation marked a crucial step towards creating a supportive regulatory environment for the petroleum and explosives sectors.

DPIITs continued engagement with stakeholders highlights its commitment to incorporating industry insights, driving regulatory reforms, and ensuring safety across hazardous substance industries.