Also being planned are tax benefits for startups, easing of environmental norms for the leather and footwear industry, liberalised rules to promote exports through e-commerce hubs and integrating lab testing and certification requirements for various sectors.
Next-generation reforms discussed
Prime Minister Narendra Modi on Monday held a meeting with members of Cabinet Committee on Economic Affairs, Economic Advisory Council and Niti Aayog to discuss ways to push for next generation reforms in manufacturing, investments, easing regulations and processes.
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“Chaired a meeting to discuss the roadmap for next-generation reforms.
“We are committed to speedy reforms across all sectors, which will boost Ease of Living, Ease of Doing Business and prosperity,” Modi said later in a post on ‘X’.
The meeting was attended by finance minister Nirmala Sitharaman, commerce and industry minister Piyush Goyal, minister of railways, information technology and electronics Ashwini Vaishnaw among others.
In his Independence Day speech, Modi had said that for the next generation reforms, the government has decided to constitute a task force that will be given a timeframe to suggest changes. The government will suggest steps to be implemented over the next few years and may also undertake a quick set of reforms to be carried out immediately.
Goyal posted on X that a meeting was held earlier with officials of department of commerce (DoC) and department for promotion of industry and internal trade (DPIIT) where new reforms and initiatives were discussed.
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The FDI changes could also ease investments from neighbouring countries sharing land borders with India which are currently allowed only under the government’s approval route. The countries in the list are China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar, and Afghanistan. This has been proposed earlier by the Economic Survey too as a means for deepening India’s integration in global value chains.
All about ‘Task Force for Next-Generation Reforms’
The ‘Task Force for Next-Generation Reforms’ will evaluate all current laws, rules, and procedures related to economic activities and suggest actions to reduce compliance costs for startups, Micro Small and Medium Enterprises (MSMEs) and entrepreneurs. The committee will provide freedom from fear of arbitrary legal actions, ensure streamlining of laws for ease of doing business.
Current rules, laws, policies and procedures must be re-drafted to suit the 21st century, to fit the global environment, and to align with the vision of making Bharat a developed nation by 2047, he had said. One big bang reform that Modi announced was the overhaul of GST that will bring down tax rates on most of the items of common use.