The Prime Minister also highlighted the government's efforts through the Jan Vishwas Bill 2.0 to reduce bureaucratic obstacles by cutting regulatory burdens.
Jan Vishwas Bill 2.0: Announced in the Union Budget 2025-26, this bill aims to decriminalize over 100 outdated legal provisions to improve the ease of doing business.
About Deregulation
Definition: Deregulation refers to the reduction or removal of government oversight in an industry.
Global Deregulation Initiatives
- US: Department of Government Efficiency (DoGE)
- UK: Better Regulation Framework
- New Zealand: Ministry of Regulation
The Role of Deregulation in Promoting Economic Activity
Boosts Growth: To achieve 8% growth, India needs to increase investment from 31% to 35% of GDP. Deregulation helps attract investments, as seen in Japan and China, which both experienced significant growth through deregulation.
Enhances Economic Freedom: Deregulation reduces bureaucratic hurdles and encourages competition. For example, the Jan Vishwas Act 2023 decriminalized 183 provisions across 42 central Acts, simplifying business compliance.
Reduces MSME Compliance Costs: Deregulation benefits small businesses by easing their navigation through regulations. For instance, Haryana and Tamil Nadu amended building regulations to ease compliance for small businesses.
Promotes Competitive Federalism: States can learn from each other's deregulation efforts, improving industrial activity. For example, Andhra Pradesh, Karnataka, and Haryana relaxed restrictions on women working night shifts, leading to more employment opportunities.
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