Finance and Corporate Affairs Minister Nirmala Sitharaman has once again assured the nation that the government is keen on reducing regulatory norms and improving trust in governance to make India a ‘seamless, export friendly economy’. During a post-budget webinar, Sitharaman praised the government for its initiatives to build a strong manufacturing base, without the presence of burdensome regulations that are likely to attract both domestic and foreign investments and, in the process, boost economic development and establish India as a leading player in the global market.
Sitharaman pointed out that the government’s budgetary provisions are directed at improving the business environment so that companies can spend less time and effort on meeting regulatory requirements and more on their core business – development and growth. He said that the efforts are being made to reduce regulatory complexity to the maximum extent to which ease of doing business can be enhanced in the country.
In the same webinar, Prime Minister Narendra Modi reminded Indian industries that the world needs Indian products more than ever and that India should capture the global opportunities. He also called on the industry to move from passive observation of these global trends to identifying growth opportunities.
Sitharaman, in her 2025-26 Budget speech, also announced the setting up of a high-level committee for regulatory reforms to review the regulations, certifications, and licenses of the non-financial sector. This committee is to submit recommendations for the improvement of processes and trust-based governance within one year.
Sitharaman also pointed out that the measures taken earlier have been successful, for instance, the company law decriminalization and the number of compliance requirements reduced by more than 42,000 since 2014. The government aims to simplify business procedures with the Jan Vishwas Bill 2.0, which will remove penalties from more than 100 provisions.
The infrastructure development drive that the government has adopted will also create a good environment for the private sector to come in, with the government having proposed a capital expenditure of Rs 15.48 lakh crore for the next financial year.
