Govt begins exercise to improve EoDB

The government has initiated an exercise to implement reforms to enhance the ease of doing business (EoDB) in India. The Department for Promotion of Industry & Internal Trade (DPIIT), under the Ministry of Commerce & Industry, is spearheading the exercise.

The DPIIT will focus on four key initiatives: implementation of the World Bank’s Business Ready (B-Ready) project objectives; decriminalization along with Jan Vishwas at the Central and state levels; cost of regulation (CoR); and efforts in reducing compliance burden (RCB).

These initiatives aim to streamline regulations, minimize compliance costs, and enhance the overall business climate in India, official sources told Bizz Buzz. The efforts involve collaboration with various the Central Ministries and Departments, state governments, and Union Territory administrations and industries.

The idea is to systematically review and improve regulatory frameworks affecting businesses and citizens. In light of these objectives, the DPIIT has begun the process of engaging a knowledge partner for a two-year period to provide comprehensive support in driving these initiatives forward.

The knowledge partner will assist the DPIIT and other stakeholders in implementing these programmes, conducting necessary assessments, and developing strategies to reduce regulatory burdens across sectors.

The knowledge partner will be responsible for continuous engagement with the DPIIT, the relevant Ministries and Departments, state governments, and UT administrations and industries.

Commerce & Industry Minister Piyush Goyal said that India’s stable regulatory environment, combined with business-friendly policies, and efforts to improve EoDB are attracting an increasing number of investors worldwide. He also claimed that foreign direct investment (FDI) inflows into India are rising.

The DPIIT’s newly commenced exercise will increase not just FDI inflows but also investment from domestic investors. This will go a long way to boost manufacturing, the sources said, adding that the production-linked incentive schemes have already given an impetus to factory output.