New Delhi As the world increasingly looks to India as a trusted partner, the government is taking bold steps to transform the nation into a seamless, export-friendly economy. Finance Minister Nirmala Sitharaman has underscored the government’s commitment to reducing regulatory burdens, enhancing trust-based governance, and fostering an environment where businesses can thrive without being bogged down by paperwork and penalties. This vision is complemented by Prime Minister Narendra Modi’s call for Indian industries to seize global opportunities, positioning India as a leader in producing quality goods.
In a significant push towards economic growth, the government has announced substantial investments in infrastructure, with a proposed capital expenditure of Rs 15.48 lakh crore for the next fiscal year. This move not only aims to boost economic growth but also lays the groundwork for greater private sector participation in India’s development story.
At the heart of India’s economic transformation is the government’s resolve to simplify regulatory frameworks. A high-level committee will be established to review non-financial sector regulations, with the objective of strengthening trust-based governance and enhancing the ease of doing business. This initiative builds upon previous efforts, where over 42,000 compliance requirements have been removed and more than 3,700 legal provisions have been decriminalized since 2014.
The Jan Vishwas Bill 2.0 is set to further decriminalize over 100 legal provisions, simplifying business processes and reducing legal risks. This move will allow industries to operate with greater confidence, fostering an environment conducive to innovation and expansion.
The recent webinar on ‘MSMEs as engine of growth, manufacturing, exports, regulatory, investment and EoDB Reforms’ brought together key stakeholders from government departments, financial sector regulators, and industry bodies. This collaborative approach underscores the government’s commitment to creating a robust manufacturing sector that attracts both domestic and foreign investments, driving economic growth and positioning India as a trusted global player.
