Companies Act will change: Sitharaman

BHUBANESWAR: The Centre is in the process of changing the Companies Act, 2013, to ensure hassle-free industrialization in the country, Union commerce and industry minister Nirmala Sitharaman said here on Friday.

Addressing a national symposium on ?

manufacturing and best practices', the minister said Union government will go step by step in this direction taking all the states and Union territories as equal partners.

"There are several aspects to the Act, needing a relook. Some of provisions need to change. Tweaking of rules of the Act will go a long way in (ensuring smooth) industrialization," the minister said.

She said the whole exercise would be completed within the next few months with a view to create a conducive industrial and business climate in the country.

Sitharaman, who also holds the charge of minister of state, finance, said the government is committed to work in such a way that a sustainable high growth rate is achieved.

"Unless growth is at a level, which is well over the prevailing rates, benefits of economy will not reach all. Prime Minister Narendra Mosi's call of 'Sabka Saath Sabka Vikas' also cannot happen. The growth will be more than 5.5%, but I am not zeroing in on any number or (making) any prediction," she told the media.

The minister said the United States is willing to work with India to persuade WTO work in India's favour. "We are also in talks with other countries so that WTO will appreciate our point of view," she said.

Trade talks at WTO had ended bitterly on July 31 after India demanded a halt to trade facilitation timetable till a permanent solution to public stockholding for food security is found.