Tiresome rules out, trust-based model in

FM proposes to reduce 39,000 compliances and to decriminalize 3,400 legal provisions, with an aim to facilitate ease of doing biz

Finance minister Nirmala Sitharaman emphasized on trust-based governance in her budget speech, as she proposed to reduce 39,000 compliances and decriminalize 3,400 legal provisions, aimed to enhance ease of doing business for companies across the spectrum.

"For enhancing ease of doing business, more than 39,000 compliances have been reduced and more than 3,400 legal provisions have been decriminalized. For furthering the trust-based governance, we have introduced the Jan Vishwas Bill to amend 42 Central Acts. This budget proposes a series of measures to unleash the potential of our economy," Sitharaman said in her budget speech on Wednesday.

Industry experts welcomed the provisions to reduce compliances, particularly, the Jan Vishwas Bill, which they said would make ease of doing business a key economic lever, while signalling a technology-led transition towards paperless compliance.

"While I eagerly await the fine print, continued focus on decriminalization of employer compliance via the Jan Vishwas

bill is expected to mitigate deeply ingrained colonial hostility against India's entrepreneurs. There is a clear push towards building a trust-based governance model," said Rishi Agrawal, CEO and co-founder of Teamlease Regtech.

He added that extending the scope of Digilocker to include business entities is a welcome step towards digitizing compliance.