Govt steadfast in easing regulatory burdens, taking steps to make India export-friendly: Sitharaman

New Delhi, Mar 4 (PTI) Finance Minister Nirmala Sitharaman on Tuesday said the government remains steadfast in reducing regulatory burdens, besides enhancing trust-based governance and taking steps to make India a "seamless, export-friendly" economy.

A robust manufacturing sector free from unnecessary regulatory bottlenecks will further attract both domestic and foreign investments, driving economic growth, positioning India as a trusted global player, Sitharaman said while addressing a post-budget webinar on 'MSMEs as engine of growth, manufacturing, exports, regulatory, investment and EoDB Reforms'.

"Our government remains steadfast in reducing regulatory burdens and enhancing trust-based governance to improve the ease of doing business. Through the budget announcements, we are taking various steps towards making India a seamless, export-friendly economy, one where businesses are free to focus on innovation and expansion, and not paperwork and penalties," Sitharaman said.

Addressing the webinar earlier in the day, Prime Minister Narednra Modi asked Indian industry to take "big steps" for taking advantage of global opportunities at a time when the world is looking at India as a trusted partner, which can produce quality goods.

"I want that our industry should not look at these expectations of the world as a mere spectator. We cannot remain spectators, you will have to look for your role in this, you will have to seek opportunities for yourself," Modi said.

In her 2025-26 Budget speech, the minister had announced that a high-level committee for regulatory reforms will be set up for a review of all non-financial sector regulations, certifications, licences, and permissions.

"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," said the Budget speech.

Sitharaman said decriminalisation of business related laws reduces the legal risks, allowing industries to operate with greater confidence. Over 42,000 compliance requirements have already been removed, and over 3,700 legal provisions have been decriminalised since 2014. In the Jan Vishwas Act 2023, more than 180 legal provisions were decriminalised.

"Our government will now bring up the Jan Vishwas Bill 2.0 to decriminalise more than 100 provisions in various laws. It will further simplify processes for businesses," Sitharaman said.

She said the government's "unprecedented" push for infrastructure development helps create jobs, strengthen industries, and also lays the foundation for greater private sector participation in India's growth story.

"The pathway for reforms are complemented by the government's unwavering focus on capital expenditure as a driver of economic growth," Sitharaman said.

For the next fiscal, the government has proposed effective capex at Rs 15.48 lakh crore, which is 4.3 per cent of the GDP. Of this, Rs 11.21 lakh crore is allocated as core capital expenditure by the Centre, which is 3.1 per cent of the GDP.

The webinar was attended by key officials from various government departments, financial sector regulators, financial institutions, industry bodies, academia, and state governments. PTI JD HVA

Source: PTI