The panel, announced by Finance Minister Nirmala Sitharaman in the Budget, will review rules, certifications, licences, and permissions to improve ease of doing business. Sitharaman had stated that the committee would submit recommendations within a year.
“The objective is to strengthen trust-based economic governance and take transformational measures to enhance ‘ease of doing business’, especially in matters of inspections and compliances. States will be encouraged to join in this endeavour,” Sitharaman had said. Seth said that while several structural reforms have been introduced over the past decade, it is essential to ensure they keep pace with technological advancements. Outdated legislative provisions need to be removed, and regulatory frameworks must be adapted to meet the demands of the 21st century and beyond.
Speaking at the SKOCH Summit, he said there is a need for “light-touch regulatory reforms” that are modern, flexible, and people-friendly. He added that work on the high-level committee should begin soon.
To encourage competitive cooperative federalism and assess which states are most investor-friendly, Seth announced the launch of an Investment Friendliness Index. The index is expected to create healthy competition among states and drive reforms that attract investment.
“Our journey towards Viksit Bharat is possible only when everybody is coming together, all people, all regions, and all states,” Seth said.
On the financial sector, Seth spoke about reforms under the Financial Stability and Development Council (FSDC). He said the focus would be on supporting economic development while ensuring efficient capital use.
As announced in the Budget, the FSDC will establish a mechanism to assess the impact of current financial regulations and subsidiary instructions. It will also develop a framework to enhance their responsiveness and drive financial sector development.
The FSDC is chaired by the finance minister and includes financial sector regulators such as the Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory and Development Authority of India, and Pension Fund Regulatory and Development Authority.
