PM also emphasized government efforts through the Jan Vishwas Bill 2.0 to cut bureaucratic hurdles by reducing regulatory burdens.
- Jan Vishwas Bill 2.0: Announced in the Union Budget 2025-26. It aims to decriminalize over 100 outdated legal provisions to enhance ease of doing business.
About Deregulation
- Definition: Deregulation is reduction or elimination of government oversight of an industry.
- Global Deregulation Initiatives: - US: Department of Government Efficiency (DoGE); UK: Better Regulation Framework; New Zealand: Ministry of Regulation.
Significance of Deregulations in Fueling Economic Activity
- Boosts Growth: India needs to increase investment from 31% to 35% of GDP for 8% growth. Deregulation attracts investments.
- E.g., Japan and China achieved high growth through deregulation.
- Enhance Economic Freedom: Deregulation removes bureaucratic hurdles, fostering competition.
- E.g., Jan Vishwas Act 2023 decriminalized 183 provisions across 42 central Acts, easing business compliances.
- Reduces MSME Compliance Costs: MSMEs, lacks resources to navigate regulations, benefit from deregulation.
- E.g., Haryana & Tamil Nadu amended building regulations to ease compliance for small businesses.
- Enhances Competitive Federalism: States learn from each other’s deregulation efforts to improve industrial activity.
- E.g., Andhra Pradesh, Karnataka & Haryana relaxed prohibitions on women working night shifts, boosting employment opportunities.
