A light-touch regulatory framework based on principles and trust will unleash productivity and employment. Through this framework, regulations will be updated that were made under old laws, she said.
She has also proposed specific measures to develop modern, flexible, people-friendly, and trust-based regulatory framework.
The Finance Minister said that a High-Level Committee for Regulatory Reforms will be set up for a review of all non-financial sector regulations, certifications, licenses, and permissions.The committee will be expected make recommendations within a year, she said.
Highlighting the objective of the framework, the minister said it is to strengthen trust-based economic governance and take transformational measures to enhance ‘ease of doing business’, especially in matters of inspections and compliances.
Further, the minister added that the Government will bring up the Jan Vishwas Bill 2.0 to decriminalize more than 100 provisions in various laws.Notably, in the Jan Vishwas Act 2023, over 180 legal provisions were decriminalized.
In the last ten years in several aspects, including financial and non-financial, our Government has demonstrated a steadfast commitment to ‘Ease of Doing Business’, Finance Minister said.She said that an “Investment Friendliness Index of States” will be launched in 2025 to further the spirit of competitive cooperative federalism.
Also, under the Financial Stability and Development Council, a mechanism will be set up to evaluate impact of the current financial regulations and subsidiary instructions.It will also formulate a framework to enhance their responsiveness and development of the financial sector, the minister said.