Centre Announces Ambitious Plan to Simplify Regulations, Boost Ease of Doing Business

Centre Announces Ambitious Plan to Simplify Regulations, Boost Ease of Doing Business

New Delhi: In an effort to achieve its goal of developing India by 2030, Finance Minister Nirmala Sitharaman has announced a comprehensive plan to deregulate and simplify the business environment, with a focus on cutting red tape and promoting ease of doing business.

In her presentation, Sitharaman revealed plans to introduce the Jan Vishwas Bill 2.0, which aims to decriminalise over 100 provisions under various laws across the country. The government also announced the launch of an investment friendliness index, with states already ranked on multiple parameters, to identify those that need transformation and provide them with necessary support.

To boost ease of doing business, the Centre has proposed several key reforms, including reducing customs tariff classifications from 15 to 10, introducing time-bound provisional assessments in customs cases, and implementing a scheme for determining arm's length price of international transactions over a three-year period. These measures aim to streamline the transfer pricing process and provide certainty in international taxation.

Sitharaman also announced that states will be encouraged to join this endeavour, with a high-level committee set up to review all non-financial sector regulations, certifications, licenses, and permissions, which will submit its report within a year.

The Finance Minister also unveiled plans to upgrade infrastructure and warehousing for air cargo, including high-value perishable horticulture produce, to further boost the 'Make in India' scheme. The government has set up various mechanisms to provide clarity and certainty to businesses, reducing fear of arbitrary assessments and litigation.

By simplifying regulations and boosting ease of doing business, Sitharaman believes that India can achieve its goal of becoming a developed economy by 2030. The announcement of these reforms is seen as a positive step towards achieving this ambitious target.