Finance Minister Nirmala Sitharaman on Tuesday said that the government plans to reduce regulatory burdens and is actively taking steps to make India an export-friendly economy.
Speaking at the post-budget webinar on ‘MSMEs as engine of growth, manufacturing, exports, regulatory, investment, and EoDB Reforms’, the Union Minister said that the authorities are working to enhance trust-based governance and improve the ease of doing business in India, reported PTI.
The minister said that a strong manufacturing sector free from unnecessary regulatory restrictions will make it more lucrative for domestic and foreign players, and boost economic growth. This will help make India stand out as a trusted global player, Sitharaman said.
“Through the budget announcements, we are taking various steps towards making India a seamless, export-friendly economy, one where businesses are free to focus on innovation and expansion, and not paperwork and penalties,” the finance minister noted.
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Compliance Made Easier, Says Sitharaman
She added that decriminalisation of business-related laws will help slash the legal risks and allow industries to work with greater confidence. The minister added that more than 42,000 compliance requirements for businesses have been removed and over 3,700 legal provisions have been decriminalised since 2014. “In the Jan Vishwas Act 2023, more than 180 legal provisions were decriminalised. Our government will now bring up the Jan Vishwas Bill 2.0 to decriminalise more than 100 provisions in various laws. It will further simplify processes for businesses,” she pointed out.
Notably, in her Budget presentation in July, Sitharaman announced the establishment of a high-level committee for regulatory reforms which would review all non-financial sector regulations, licences, permissions, and certifications. The committee is expected to deliver its recommendations within a year.
PM Narendra Modi also addressed the event and urged Indian industry to capitalise global opportunities ‘at a time when the world is looking at India as a trusted partner’. The webinar also saw participation from key officials from several government departments, financial institutions, academia, state governments, industry bodies, and financial sector regulators.
