DPIIT Achieves Remarkable Reduction of 40,000 Regulatory Compliance Burdens to Boost Ease of Doing Business
In a significant stride towards enhancing the ease of doing business in India, the Department for Promotion of Industry and Internal Trade (DPIIT) has successfully eliminated a staggering 40,000 regulatory compliance burdens, as revealed by Manmeet Nanda, the Joint Secretary of the Ministry of Commerce and Industry. This announcement was made during the Unnati India Opportunity Series- Investment Roadshow held at the PHD Chamber.
Nanda emphasized the government’s unwavering commitment to leveraging technology to streamline business operations and underscored how this commitment is reflected in their practices and policies.
Highlighting India’s growing presence on the global economic stage, Nanda disclosed that the perspectives and insights of developing and emerging nations have been contributed to the forthcoming “Be Ready” report by the World Bank.
One noteworthy development that Nanda shared was the outcome of comprehensive consultations with various departments. The Central Pollution Control Board has taken a significant step by declaring that ‘Extended Producer Responsibility’ (EPR) will no longer require periodic renewal once granted. This move aligns seamlessly with DPIIT’s initiatives to simplify business processes and promote a more favorable business environment.
Nivruti Rai, the Managing Director and CEO of Invest India, emphasized the pivotal role of technology in propelling India’s Gross Domestic Product (GDP) growth. She underscored the cost-reducing impact of technology, highlighting its potential to make business operations smoother.
Rai stressed the vital importance of capitalizing on opportunities, particularly for India’s sixty million Micro, Small, and Medium-sized Enterprises (MSMEs). She advocated for enhancing the technological prowess of MSMEs and improving their market access.
The “Jan-Dhan Aadhar Mobile (JAM) Trinity” emerged as a focal point of Rai’s discourse, emphasizing how India is harnessing this powerful combination to establish a global presence.
Saket Dalmia, the President of the PHD Chamber of Commerce and Industry, articulated that the path forward entails embracing technology-driven coexistence and collaboration. He proudly noted that India has emerged as the fastest-growing economy among major global economies.
In terms of economic growth projections, India’s position surpasses even China’s. As per IMF data, India is expected to achieve an average growth rate of 6.1 percent from 2023 to 2028, outpacing China’s projected average growth rate of 4.1 percent during the same period.
The narrative of India’s economic ascent is further substantiated by its climb from being the world’s tenth largest economy in 2014 to now occupying the fifth spot with a robust GDP size of USD 3.7 trillion in 2023. This growth trajectory has been fueled by India’s substantial Foreign Direct Investment (FDI) inflow. Dalmia confidently forecasted that India’s FDI landscape is set to reach a monumental USD 100 billion, solidifying India’s position as a premier investment destination.
