Implementation of bold reforms and increased adoption of technology in Government departments have helped India make a substantial jump of 79 spots between 2014 and 2019 in the World Bank’s Doing Business Report. With the advent of EoDB 2.0, India is poised to take considerable leap in its economic transformation story by breaking the departmental silos, transitioning from data rich to data intelligent economy and focusing on enhancing transparency in the government functions. The next generation of reforms will focus on the purpose of existing and new regulations, applicable compliances on the industry and provide seamless public service delivery. An interoperable information exchange mechanism among the various government departments is key to rationalize redundant requirements through digital interfaces, API integrations and developing common forms.
Multiple touchpoints and repetitive processes add to the time and cost for businesses, especially for MSMEs. Despite the well-articulated and well administered system of regulations in India, ambiguity in regulations have been highlighted as the key impediment for growth. Bringing clarity of regulations along with predictability of regulatory changes are the cornerstones for improved business planning and building a trust-based economy, leading to the vision of ‘Atmanirbhar Bharat’. The Regulatory Impact Assessment (RIA) approach has the potential to reform the regulatory mindset through assessment of new laws based on their outcomes and impact. This may require legislative intervention for driving the policy coherence.
Progressive policies and schemes underpinning India’s “sab ka saath, sab ka vikas” or “development with all, and for all,” motto aimed at inclusive development converging with the transformative promise of the SDG’s i.e., “Leave No One Behind”. Also, United Nations Environment Programme predicts that global temperatures could rise close to 3°C this century. Such a surge in temperature has the capability to cripple economies and disrupt trade and development. Since the world is moving towards adoption of sustainable supply chains, in the 'Amrit Kaal', India too will have to increase its focus on environmental sustainability across economic activities. Environment friendly trade and Green financing could be recognised as priority areas for India. Multiple initiatives have already been undertaken to expedite green financing and mobilize funds for green infrastructure however, India needs to further support the momentum through fiscal measures such as a supportive taxation policy for green finance, green infrastructure investment trusts, and other innovative financial instruments. India may drive the environment friendly laws through cost and benefit analysis.
