Govt Committed to Relaxing Rules, Increasing Exports: FM Sitharaman
Finance Minister Nirmala Sitharaman reiterated the government's commitment to deregulation, increasing trust-based governance, and making India a frictionless, export-oriented economy. Speaking at a post-budget webinar 'MSMEs as Engine of Growth, Manufacturing, Exports, Regulatory, Investment and EoDB Reforms,' Sitharaman emphasized the government's initiatives to remove bottlenecks and create an investment-friendly environment.
"Our government is committed to lessening regulatory overload and improving trust-based administration to facilitate the ease of doing business. With the budget announcements, we are moving in many directions towards creating a frictionless, export-oriented economy where business houses are allowed to devote themselves to innovation and growth, rather than paperwork and penalties", Sitharaman said.
The Finance Minister highlighted that a healthy manufacturing industry, unclogged from unwarranted regulatory overhangs, will give pull to both domestic as well as foreign investments, driving economic development and making India a trusted global player.
Prime Minister Narendra Modi, addressing the same webinar, called upon the Indian industry to capture international opportunities and take the initiative to make India a trusted friend in the world market.
"I desire that our industry should not be a spectator to these hopes of the world. We cannot be spectators; you will have to find your place in this, you will have to find opportunities for yourself", Modi said, urging business to step up to the challenge.
During her Budget 2025-26 address, Sitharaman announced the establishment of a high-level committee for regulatory reforms to examine non-financial sector regulations, certifications, licenses, and permissions. The committee will be required to submit recommendations within one year to further ease compliance and foster trust-based governance.
The Finance Minister also pointed out the government's initiatives to de-criminalize business-related legislation, minimizing legal risks and making industries more confident to do business. Between 2014 and now, more than 42,000 compliance obligations have been done away with, and over 3,700 legal provisions decriminalized. The Jan Vishwas Act 2023 de-criminalized more than 180 provisions, and the new Jan Vishwas Bill 2.0 in the pipeline has proposed to eliminate over 100 more.
"The committee shall be required to submit recommendations in a year's time. The aim is to deepen trust-based economic governance and undertake transformational steps to increase 'ease of doing business,' particularly in areas of inspections and compliances", Sitharaman added.
She also emphasized the government's record infrastructure development drive, which not only boosts industries but also sets the stage for greater private sector engagement. The government has suggested an effective capital spending of Rs 15.48 lakh crore for the following financial year, which is 4.3 percent of GDP, out of which Rs 11.21 lakh crore is earmarked as core capital spending by the Centre.
"The roadmap for reforms is supplemented by the government's strong commitment to capital spending as an engine of growth," she said.
The webinar was attended by important government authorities, financial sector regulators, industry associations, academia, and state government officials, representing the spirit of collaborative approach towards realizing India's growth and export aspirations.
This sustained emphasis on regulatory reforms, infrastructure development, and the promotion of an innovation-led business ecosystem reflects the government's determination to transform India into a world manufacturing and export hub.
