Piyush Goyal Announces Major Fee Concessions for Women Entrepreneurs and MSMEs

Union Minister Piyush Goyal has announced substantial fee concessions and safety measures for the petroleum and explosives sector during a Stakeholder Consultation event held in New Delhi. The event, organized by the Department for Promotion of Industry and Internal Trade (DPIIT), focused on enhancing efficiency within the Petroleum and Explosives Safety Organisation (PESO) and fostering improved dialogue with industry stakeholders.

Major Fee Concessions

Incentives for Women Entrepreneurs and MSMEs

In a significant move to encourage women entrepreneurs, Goyal revealed an 80% concession in licensing fees. Additionally, Micro, Small, and Medium Enterprises (MSMEs) will benefit from a 50% fee reduction. These incentives are expected to boost participation from these crucial segments of the economy, fostering growth and inclusivity.

Addressing Safety Concerns

New Safety Guidelines for Petrol Pumps

In response to concerns about public safety, government minister Goyal has called for the development of stricter safety regulations for petrol stations located near homes. This initiative, led by the Petroleum and Explosives Safety Organisation (PESO), will involve collaboration with the Central Pollution Control Board (CPCB) and the Ministry of Petroleum and Natural Gas (MoPNG). The goal is to strike a balance between ensuring the safety of residents and allowing petrol stations to function effectively.

Stakeholder Engagement

Consultation with Industry Representatives

The consultation saw participation from over 150 stakeholders across various industrial sectors. It provided a platform for industry associations to voice areas needing regulatory improvement. To improve efficiency and transparency, key proposals included implementing digitalization efforts, enhancing information accessibility through the PESO online portal, and streamlining the process for issuing clearances.

Regulatory Reforms

Formation of Committees

Following industry input, collaborative committees were established. These committees include representatives from the Ministry of Petroleum and Natural Gas (MoPNG), industry associations, and regulatory bodies. These committees will explore and recommend amendments to enhance regulatory frameworks, reaffirming the Ministry’s commitment to reducing compliance burdens and promoting ease of doing business while maintaining industry standards.

Adoption of Global Best Practices

Streamlining Regulatory Processes

Minister Goyal stressed the necessity of incorporating global best practices to streamline regulatory procedures. Essential initiatives involve incorporating Third-Party Inspection Agencies (TPIAs) into additional regulatory activities and creating online permission modules to substitute offline processes, thus boosting efficiency and transparency.

Conclusion

A Step Towards a Conducive Regulatory Environment

The stakeholder consultation represented a crucial move towards creating a supportive regulatory framework for the petroleum and explosives sectors. DPIIT’s continuous collaboration with stakeholders highlights its commitment to integrating industry feedback, advancing regulatory reforms, and ensuring safety within hazardous substance industries.