The centre will set up a high-level committee for regulatory reforms and release an investment friendliness index of states, according to an announcement on Saturday.
Finance Minister Nirmala Sitharaman stated that the centre will consider the second part of the Jan Vishwas Bill in order to decriminalise more than 100 provisions across various laws.
The first part, which was the Jan Vishwas Act 2023, had decriminalised more than 180 legal provisions so as to cut the compliance burden for industries.
“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 compliance. States will be encouraged to join in this endeavour,” she said.
The finance minister also added that an ‘Investment Friendliness Index of States’ will be launched in 2025 to gauge competitive cooperative federalism.
