Budget 2016: Corporate Affairs Ministry gets Rs 344 crore outlay


Corporate Affairs Ministry will have a budgetary outlay of Rs 344.43 crore for the next financial year, with most of the amount coming from non-plan segment.

The Ministry implements the Companies Act.

Out of the total Rs 324.43 crore from non-plan segment, Rs 159 crore has been set aside for secretariat economic services and Rs 137.43 crore towards corporate law regulation related activities.

According to a document of the Budget for 2016-17 period, the plan allocation for the Ministry stands at Rs 20 crore.

However, the latest outlay is lower than the amount of Rs 411.53 crore in the revised budgetary figures for the current financial year (2015-16).

The secretariat economic services takes care of expenditure of the Ministry, Investors Education and Protection Fund (IEPF) and e-governance project (MCA 21), among others.

The Ministry is implementing the new companies law, whose most provisions came into effect from April 1, 2014.

In his budget speech, Finance Minister Arun Jaitley said a bill to amend the Companies Act, 2013, would be introduced in the current session of Parliament.

The amendments would seek to remove difficulties and impediments to ease of doing business.

"The Bill would also improve the enabling environment for start-ups. The registration of companies will also be done in one day," the Minister said.