Ease of doing business Current Affairs - 2019

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Goa to host 2nd edition of Startup India Global Venture Capital Summit 2019

The 2nd edition of Startup India Global Venture Capital Summit is being organized in Goa on 6-7 December 2019 for Fund Managers and Limited Partners of Top Global Venture Capital (VC) Firms. The summit is being organized by Department for Promotion of Industry and Internal Trade (DPIIT) under Union Ministry of Commerce and Industry, in partnership with Goa Government. Theme for Startup India Global Venture Capital Summit 2019 is- ‘India Opportunity- Investing in tomorrow together’.

About Startup India Global Venture Capital Summit

Background: The first edition of Startup India Global Venture Capital Summit was held in 2018 in Goa. It brought together more than 250 participants from over 9 countries and showcased venture capital opportunities in India as well as facilitated a rich exchange of ideas on various aspects of investor world.

Objective: To showcase India’s opportunity in sectors of FinTech, EdTech, E-Mobility, MedTech, Enterprise Software, Genomics and Lifesciences. Summit also aims to understand best practices for venture capital industry, identify issues faced by them for investments in India and evaluate ways to address those issues.

2019 Edition: This year the Summit focuses on mobilizing global capital for innovation in India and is aimed towards reaching new heights in both reach and scope. The Summit will bring together a series of engagements involving more than 350 representatives of leading Global Venture Capital Firms (GVCF), High-Network Individuals (HNIs), Government of India (GoI) officials, top Corporates, Limited Partners, Family Offices, and select innovative Startups. It will showcase India Advantage, diversity and scale of Indian market opportunity, as well as cutting-edge innovations originating in India.

Significance: The summit looks at increasing capital flow for Indian Startups by showcasing high-quality tech as well as non-tech startups to global investor community and fostering Ease of Doing Business (EDB) by identifying and discussing issues faced by investor community. Through this event, the Startup India is providing Indian startups an opportunity to meet Top Global Investors at event to get business guidance and to discuss investment opportunities.

Cabinet approves Industrial Relations Code, 2019

On November 21, 2019, the Union Cabinet approved the introduction of Industrial Relations Code, 2019. This is the third code under labor reforms. Under the new code, forty-four laws are to be amalgamated into four codes. The four codes include wage rates, social security, industrial relations and industrial security and labor welfare.

Features of the code

The code intends to simplify and rationalize the Trade Union Act, 1926, Industrial Disputes Act, 1947, Industrial Employment Act, 1946. The code also features to set up a two-member tribunal to fasten the disposal of cases.

The code allows the companies to hire fixed-term contract workers. It defines fixed-term employment as a worker who can be hired for a duration of 3 months or 6 months or a year based on the season and orders.

Significance

With the amalgamation of the laws, the process of registration and filing of returns will get streamlined. The process will help in improving ease of business and hence employments will increase. With the amalgamation of labor laws, the GoI intends to bring maximum governance with minimum laws.

The Economic Survey, 2018 highlighted that the labor reforms in Rajasthan increased growth rates of firms. The change was highly evident in firms that were employing more than 100 workers.