Govt to form panel for regulatory reforms: FM in Union Budget speech

The government on Saturday announced measures like setting up a high-level committee for regulatory reforms and releasing investment friendliness index of states to further improve business environment of the country.

Finance Minister Nirmala Sitharaman in her Budget speech said the government will now bring up the second part of Jan Vishwas Bill to decriminalise more than 100 provisions in various laws.

The first part - Jan Vishwas Act 2023 - decriminalised more than 180 legal provisions to cut compliance burden for industry.

"A High-Level Committee for Regulatory Reforms will be set up for a review of all non-financial sector regulations, certifications, licenses, and permissions," Sitharaman said.

The committee will be expected to make recommendations within a year.

"The objective is to strengthen trust-based economic governance and take transformational measures to enhance ease of doing business, especially in matters of inspections and compliances. States will be encouraged to join in this endeavour," she said.

She added that an "Investment Friendliness Index of States" will be launched in 2025 to further the spirit of competitive cooperative federalism.