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Source: This post is created based on the article “Tiresome rules out, trust-based model in”, published in Live mint on 2nd Feb 2023.
Syllabus Topic: GS Paper 3, changes in industrial policy and their effects on industrial growth
News: In her budget speech, Finance Minister (FM) Nirmala Sitharaman emphasized on trust-based governance.
To enhance ease of doing business for companies, FM proposed to reduce 39,000 compliances and decriminalize 3,400 legal provisions.
For achieving the above goals, government introduced Jan Vishwas Bill to amend 42 Central Acts.
Other measures for ease of doing business in India
Extension of the scope of Digi Locker to include business entities.
Permanent Account Number (PAN) will be made a common identifier for all digital systems of specified government agencies.
A unified filing process will be implemented to eliminate the requirement of separate submission of same information to different government agencies.
For MSMEs, the government introduced relief measures under Vivad Se Vishwas.
A voluntary settlement scheme will be introduced to settle the contractual disputes of the government and government undertakings, under court’s proceedings.
The government has proposed to delegate powers under the SEZ Act to International Financial Services Centres Authority. It will avoid dual regulation and set up a single window IT system for registration and approval from IFSCA, SEZ authorities, GSTN, RBI, SEBI and IRDAI.
Some concerns raised by industrialists
Budget had widened the tax authorities’ power to withhold any refunds to a taxpayer. It could result in increasing load of over-burdened constitutional courts.
