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India is making steady progress in simplifying regulations and improving the ease of doing business, but faster and time-bound approvals are essential for sustaining industrial growth, Ajay S Shriram, Chairman and Managing Director of DCM Shriram Ltd, told ANI today.
Despite the reform momentum, Shriram said delays in approvals remain a persistent challenge for companies. "Time is important for industry. For approvals, time is required. But quicker decisions and time-bound decision-making will help the Indian economy and industry grow faster," he told ANI in an exclusive interview on the sidelines of the IndiaEdge 2025 session on Simplifying Regulations, Boosting Growth and Next Gen Ease of Doing Business in the national capital. Shriram said industry bodies have been in long-standing discussions with the government, particularly the Department for Promotion of Industry and Internal Trade (DPIIT). "We have been in discussion with the government, especially the DPIIT, for many years in regard of ease of doing business, and I am happy that the government is very open. Many ideas are heard and executed," he said. Shriram noted that reforms have advanced across several areas -- including decriminalisation of business laws, improvements in tax systems, accelerated judicial processes and the rollout of single-window clearances. "Industry has put many ideas, and many changes have happened... whether it is decriminalisation, ease of doing business, tax payment, judicial reforms or the single-window system," he said. However, he cautioned that India's governance structure remains complex, and reform will continue to take time. He acknowledged significant progress in decriminalisation, calling it one of the government's major achievements. "Lots of laws changed and were decriminalised. Hundreds of changes have occurred, and thousands remain. The effort has to go on," he added. On the ongoing US-India trade discussions and broader free trade talks, Shriram said the government was taking a balanced, pragmatic approach. "Movement is good, and we hope they will soon agree. We appreciate the government for giving priority to Indian people and taking a stand for India and Indian farmers," he said. On green shoots in the negotiations of Free Trade Agreements with the European Union, he said, "That's a good thing." He said, "The government of India is moving proactively with an open mind but keeping India's interest at heart, which is more important." Commenting on the rupee's fall to a record 90 against the U.S. dollar, Shriram said the sharp depreciation reflected turbulent global geopolitical conditions. "We were not expecting this to happen so fast... The world's geopolitics is changing a lot. The pressure in terms of business and economy is impacting everybody," he said. He added that the industry would need to adapt to the volatile environment. "What has happened has happened. We need to prepare to manage the environment and identify how we can optimise. No one can comment on the future of the rupee," he said. (ANI)
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