Government Unveils Economic Reforms: Boost for Business Environment

The government announces significant economic reforms, including setting up a high-level committee for regulatory changes and launching an Investment Friendliness Index in 2025. Finance Minister Nirmala Sitharaman emphasizes easing the compliance burden to enhance the business climate through the Jan Vishwas Bill.

On Saturday, the government revealed new measures aimed at enhancing the country's business climate, including the formation of a high-level committee to spearhead regulatory reforms.

Finance Minister Nirmala Sitharaman, during her Budget speech, shared plans for introducing the second phase of the Jan Vishwas Bill, which aims to decriminalize over 100 provisions from various laws.

The 2023 Jan Vishwas Act set the precedent by decriminalizing more than 180 legal clauses to reduce the compliance strain on industries. Sitharaman emphasized the creation of a High-Level Committee for Regulatory Reforms to examine non-financial sector regulations and offer recommendations within a year. In addition, an Investment Friendliness Index is to be launched by 2025 to foster competitive cooperative federalism.