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Union Minister Piyush Goyal has announced substantial concessions in licensing fees

IndiaUnion Minister Piyush Goyal has announced substantial concessions in licensing fees

Union Minister Piyush Goyal has announced substantial concessions in licensing fees and enhanced safety measures for the petroleum and explosives sectors during a Stakeholder Consultation held in New Delhi. Organized by the Department for Promotion of Industry and Internal Trade (DPIIT), the event aimed at optimizing operations within the Petroleum and Explosives Safety Organisation (PESO) and strengthening collaboration with industry stakeholders.

Goyal revealed an impressive 80% reduction in licensing fees for women entrepreneurs and a significant 50% fee cut for MSMEs. These measures are poised to invigorate participation from these pivotal segments of the economy.

In response to safety apprehensions, the Minister instructed PESO to join forces with the Central Pollution Control Board (CPCB) and the Ministry of Petroleum and Natural Gas (MoPNG) to formulate new safety protocols for petrol stations located within 30-50 meters of residential zones. This initiative seeks to harmonize public safety considerations with industrial activities.

The consultation, attended by over 150 representatives from diverse industrial sectors, provided a platform for industry associations to spotlight areas requiring regulatory enhancement. Recommendations centered on digital transformation, heightened transparency through the PESO online platform, and expedited clearance procedures.

In alignment with industry feedback, committees comprising MoPNG, industry associations, and regulatory bodies were established to explore and propose amendments aimed at fortifying regulatory frameworks. The Ministry reiterated its commitment to reducing compliance burdens and fostering a business-friendly environment while upholding rigorous industry standards.

Minister Goyal stressed the importance of adopting global best practices to streamline regulatory processes. Initiatives include broader integration of Third-Party Inspection Agencies (TPIAs) in regulatory protocols and the development of online permission modules to replace traditional paperwork, thereby enhancing efficiency and transparency.

The stakeholder consultation marks a pivotal stride toward cultivating a conducive regulatory ecosystem for the petroleum and explosives sectors.

DPIIT’s continuous engagement with stakeholders underscores its pledge to integrate industry perspectives, propel regulatory reforms, and ensure safety across hazardous substance industries.

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