Biz regulatory framework on anvil

New Delhi : The central government on Monday said that the Business Reforms Action Plan (BRAP) 2024 is set to establish a seamless business regulatory framework, enhancing the ease of doing business (EoDB) and further strengthening the ‘Make in India’ initiative.

The action plan aligns with key government initiatives such as the reducing compliance burden (RCB) and decriminalisation, while also integrating elements from the World Bank’s upcoming B-READY programme.

According to the Ministry of Commerce and Industry, this convergence will streamline regulatory processes, bolster economic growth and foster greater investor confidence in India’s business landscape.

The action plan, led by the Department for Promotion of Industry and Internal Trade (DPIIT), introduces next-generation reforms that address the needs of both businesses and citizens.

“The upcoming BRAP 2024 framework introduces an innovative assessment methodology, blending evidence and feedback-based evaluations for a more comprehensive and dynamic approach,” said the ministry.

Notably, the BRAP 2024 focuses on reducing approval times, integrating online service delivery, and leveraging initiatives like the National Single Window System and PM Gati Shakti.

As per latest government data, the production-linked incentive (PLI) scheme under the ‘Make in India’ initiative has been a great success in terms of attracting investments and increasing exports, as actual investment is likely to reach Rs2 lakh crore in the next year with 12 lakh jobs. Exports have exceeded Rs 4 lakh crore, with substantial contributions from key sectors such as electronics, pharmaceuticals and food processing.