Union Finance Minister Nirmala Sitharaman on Wednesday emphasized that the government is committed to encouraging global economic partnerships, leveraging technology to strengthen traditional sectors, and significantly enhance the export potential of India.
She was addressing a post-budget webinar on the theme “Regulatory, Investment, And Ease Of Doing Business (EODB) Reforms” organized by the Department of Financial Services.
She also said that the government remains committed to ensuring timely implementation of all budget announcements for the year 2025-26. This is consistent with the government’s track record of delivering on promises made in previous budgets, the Minister said.
The Finance Minister said that through the budget announcements, the government is taking various steps towards making India a seamless export friendly economy, one where businesses are free to focus on innovation and expansion and not on paperwork and penalties.
“Decriminalization of business related laws reduces the legal risks, allowing industries to operate with greater confidence.”
Giving details, she said that the robust manufacturing sector, free from unnecessary regulatory bottlenecks, will further attract both domestic and foreign investments, driving economic growth, positioning India as a trusted global player.
“The government has over 42,000 compliances removed, and over 3700 legal provisions have been decriminalized since 2014. In the Jan Vishwas act 2023, more than 180 legal provisions were decriminalized.”
The government will now bring up the general Vishwas Bill 2.0 to decriminalize more than 100 provisions in various laws. It will further simplify processes for businesses, the Minister added.
She also highlighted the focus laid on capex saying that the pathway for reforms are complemented by the government’s unwavering focus on capital expenditure as a driver of economic growth.