(GIST OF YOJANA) Creating a Conducive Business Environment : MARCH-2023
(GIST OF YOJANA) Creating a Conducive Business Environment
Creating a Conducive Business Environment
The Government is spearheading the initiatives under Ease-of-Doing Business and reducing compliance burden which are aimed at creating a conducive business environment, These initiatives aim to extend benefits to all entities/sectors/industries of the economy, including start-ups.
Specifically for the startup ecosystem, the Government has taken various measures to enhance ease of doing business, raising capital and reducing compliance burden. In this regard, more than fifty key regulatory reforms have been undertaken for the startup ecosystem.
The Government has also unveiled National Single Window System (NSWS) to provide a single platform to enable the identification and obtaining of approvals and clearances needed by investors, entrepreneurs, and businesses in India.
The key focus areas of the initiatives are:
Simplification of procedures related to applications, renewals, inspections, filing records, etc.
Rationalisation by repealing, amending or subsuming redundant laws,
Digitisation by creating online interfaces eliminating manual forms and records, and
Decriminalisation of minor technical or procedural defaults.
Measures to boost investments:
The Government has also taken various steps to boost domestic and foreign investments in India.
These include the introduction of Goods and Services Tax, reduction in corporate taxes, financial market reforms, consolidation of public sector banks, enactment of four labour codes, Foreign Direct Investment (FDI) policy reforms, reduction in compliance burden, policy measures to boost domestic manufacturing through public procurement orders, Phased Manufacturing Programme, to name a few.
To promote FDI in the country, the Government has put in place an investor-friendly policy, wherein most sectors except certain strategically important sectors are open for 100% FDI under the automatic route.
Further, the policy on FDI is reviewed on an ongoing basis, to ensure that India remains an attractive and investor-friendly destination.