By TIOL News Service

NEW DELHI, MARCH 20, 2018: THE Rashtrapati Bhawan today played host to groups of probationers from the Indian Postal Service and the Indian Corporate Law Service (ICLS), as they came to visit the Present of India, Mr Ram Nath Kovind.

Speaking on the occasion, Mr Kovind stated that both services had an important role to play in Indian development. He further stated that post offices existed even in remote places where banks had not yet reached. Also the role of post offices and the postal network needed to be re-imagined in the age of communication technology. The Government of India had taken initiatives to link post offices with modern banking and payment systems. He then stated that post offices in India could potentially become 'one stop shops', like in developed countries, and could also benefit from the e-commerce boom.

Mr Kovind further stated that the corporate and banking system were critical to any modern economy. In such circumstances, ICLS officers had a responsibility in simplifying the process of establishing and running companies and businesses. He mentioned that it is within their regulatory obligation to help ensure that the individual company is trustworthy and that the public retained its confidence in it. He also mentioned that Indian GDP is currently valued at approximately USD 2.3 trillion, and a target of becoming a USD 5 trillion economy by 2025, had been set. He emphasized that ICLS officers would have a role to play in such process. Moreover, while facilitating business, the need for lawful and ethical conduct in the corporate sector, had to be kept in mind.