DPIIT Highlights Major Business Reforms, Regulatory Simplification Over Past Decade

New Delhi, Jun 10 (KNN) India has undertaken wide-ranging reforms over the past decade to improve the ease of doing business, simplify regulatory processes and strengthen investment competitiveness, according to data released by the Department for Promotion of Industry and Internal Trade (DPIIT).
 
Reforms Improve Business Environment Across Sectors
 
The data highlights significant improvements across sectors, including a reduction in FASTag-enabled toll waiting times from 12.23 minutes to around 40 seconds and a reduction in factory approval timelines from 90 days to 30 days.
 
According to DPIIT, India has simplified more than 47,000 compliances, decriminalised 4,623 provisions and eliminated 4,270 compliance requirements as part of efforts to reduce regulatory burdens on businesses.
 
The government also implemented over 9,700 business reforms across states and streamlined more than 9,000 Reserve Bank of India circulars into 244 master directions to improve regulatory clarity.
 
Startup Ecosystem Witnesses Rapid Expansion
 
India's startup ecosystem has witnessed substantial growth during the period, with the number of unicorns increasing to over 100 from just 4 in 2014.
 
The data further shows that the Goods and Services Tax (GST) regime has contributed to greater formalisation of the economy, with the number of registered taxpayers increasing from around 60 lakh in 2017 to 1.6 crore in 2025.
 
Labour And Insolvency Reforms Strengthen Competitiveness
 
In the labour sector, 29 central labour laws have been consolidated into 4 labour codes aimed at simplifying compliance and improving labour market efficiency.
 
The Insolvency and Bankruptcy Code (IBC) has also played a key role in strengthening the business environment, with more than Rs 4 lakh crore realised through resolution processes.
 
Rising FDI and Digital Procurement 
 
According to DPIIT, India received more than USD 748 billion in foreign direct investment (FDI) between 2014 and 2025, reflecting growing investor confidence in the country's economic prospects.
 
Government procurement through the Government e-Marketplace (GeM) has crossed Rs 18.42 lakh crore in gross merchandise value, while projects worth more than Rs 85 lakh crore have been expedited through the PRAGATI monitoring platform.
 
India has also expanded its global trade engagement through nine free trade agreements covering 38 countries.
 
The department said these reforms have supported entrepreneurship, encouraged investment, promoted innovation and expanded business opportunities across sectors, contributing to India's long-term development goals and the vision of Viksit Bharat 2047.
 
(KNN Bureau)