Govt Announces Major Regulatory Reforms to Boost Ease of Doing Business in Budget 2025-26

New Delhi, Feb 1 (KNN) Finance Minister Nirmala Sitharaman announced a significant overhaul of India's regulatory framework during her budget speech, emphasising the government's commitment to enhancing the ease of doing business in both financial and non-financial sectors.

In a move aimed at modernising India's business environment, the Finance Minister revealed plans to establish a High-Level Committee for Regulatory Reforms.

This committee will be tasked with conducting a comprehensive review of regulations across the non-financial sector, including certifications, licenses, and permissions.

"Our Government has demonstrated a steadfast commitment to 'Ease of Doing Business' over the last ten years," stated Sitharaman. She emphasised that regulations must evolve to keep pace with technological innovations and global policy developments.

The committee will have one year to submit its recommendations, focusing on implementing a light-touch regulatory framework based on principles and trust. This initiative aims to update regulations created under old laws and strengthen trust-based economic governance.

A key aspect of this reform will be the involvement of state governments, who will be encouraged to participate in this nationwide effort to streamline business operations.

The proposed changes are expected to significantly reduce the burden of inspections and compliance requirements on businesses.

This comprehensive regulatory reform represents a strategic shift towards creating a more business-friendly environment in India, with an emphasis on trust-based governance and reduced bureaucratic hurdles.

(KNN Bureau)