Finance Minister Nirmala Sitharaman has announced the initiative of reforms in six regions in the next five years. These will increase growth capacity and global competition in the country. These major areas include regulatory reforms, power sectors, urban development, mining, financial sector and taxation.
Sitharaman promised that several regulatory reforms would be made to increase business ease, including updating old laws, increasing their pace according to technological innovation and emphasizing global policy development. Sitharaman said, “The regulatory structure is based on the principles and beliefs that will increase productivity and employment.”
The budget promises to form a high level committee for regulatory reforms that will review all regulations, authentication, licenses and permissions of the non-financial sector.
Sitharaman said, ‘The committee’s recommendations are expected to be received within a year. Its goal is to strengthen the trust -based economic administration and take measures to bring major changes in the case of monitoring and compliance especially to promote business ease. States will be encouraged to join this effort.
For the spirit of competition and cooperative federalism, the government will start an investment friendly index of states in 2025. In addition, a system will be prepared under the Financial Durability and Development Council that will assess the impact of existing financial regulations and assistant instructions. Sitharaman said, ‘This will create a system that will create a system of development and accountability towards it.’ ‘Sitharaman announced the Jan Vishwas Bill 2.0 to put more than 100 provisions of various laws in the category of non-procurement. Will be able to
The Finance Minister has promised to start the Central KYC Registry in a new way in 2025 to simplify the process of KYC (No Your Customer). Central KYC will increase uniformity and KYC records can be used in various financial sectors. In this, a specific KYC identity will be linked to an independent identity card.
Sitharaman said that the new Income Tax Bill will be introduced next week. He said that people associated with taxpayers and tax administration will be able to understand it easily, which will increase the certainty of the tax area and will reduce the legal matters. Sitharaman spoke of improving the mining sector for recovery of important minerals.