Union Minister Piyush Goyal announced a significant 80 percent concession on licensing fees for women entrepreneurs and a 50 percent fee reduction for MSMEs.
According to a press release by the Ministry of Commerce and Industry, these incentives aim to encourage greater participation and entrepreneurship among women and MSMEs. The Ministry, led by Union Minister Goyal, highlighted the need for a balance between industry compliance and public safety during a Stakeholder Consultation held in New Delhi.
Organized by the Department for Promotion of Industry and Internal Trade (DPIIT), the consultation sought to improve efficiency within the Petroleum and Explosives Safety Organisation (PESO) and foster dialogue with stakeholders from the petroleum, explosives, fireworks, and related industries.
Minister Goyal addressed safety concerns by directing PESO to collaborate with the Central Pollution Control Board (CPCB) and the Ministry of Petroleum and Natural Gas (MoPNG) to establish safety guidelines. These guidelines will ensure stringent safety measures for operating petrol pumps in areas with nearby habitation.
To streamline regulatory processes, Goyal emphasized adopting global best practices. Initiatives include integrating Third-Party Inspection Agencies (TPIAs) into more regulatory processes and developing online permission modules to replace offline procedures, thereby enhancing efficiency and transparency.
Over 150 stakeholders from various industrial sectors attended the consultation, providing a platform for industry associations like the Federation of Agrivalue Chain Manufacturers and Exporters (FAME) and the Explosives Manufacturers Welfare Association (EMWA) to highlight critical regulatory areas needing improvement. Recommendations focused on digitalization, transparency through the PESO online portal, and expedited 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 enhance regulatory frameworks. The Ministry reaffirmed its commitment to reducing compliance burdens, promoting ease of doing business, and upholding industry standards through collaborative reforms. This stakeholder consultation marked a pivotal step towards fostering a conducive regulatory environment for the petroleum and explosives sectors.
DPIIT’s ongoing engagement with stakeholders underscores its dedication to incorporating industry insights, driving regulatory reforms, and ensuring safety across hazardous substance industries.
