Budget 2022: Ease of doing Business 2.0
As India makes its ascendency in the world economies and tries to set itself up as a global hub for the manufacturing, it became imperative to overhaul the entire business environment of the country. The government realizing the need to do so made significant strides in this domain which the finance minister mentioned during her budget address.
She applauded how the government was successful in reducing 25,000 compliances and repealing 1486 union laws. The FM in her speech said that this new phase will be guided by the active involvement of the states, digitization of manual processes, and interventions. More emphasis will be on the removal of overlapping compliances via standardization. Integrating the central and state-level systems through IT bridges will serve as single-point access for all citizen-centric services. With the ease of doing business 2.0, crowdsourcing suggestions and ground-level assessment of the impact of the active involvement of citizens and businesses will be encouraged.
The government is aiming for minimum government and maximum governance. In the last few years, India has seen a lot of FDI flowing into the country, which was possible because of the conducive business environment. These steps saw India ranked 63rd in the world's ease of doing business, jumping from 100 back in 2017. To make India even more business-friendly, EoDB 2.0 is being launched, leading the next phase of doing business in India.