The government is planning to scrap thousands of compliance requirements for companies in two phases by August 15, department for Promotion of Industry and Internal Trade (DPIIT) secretary Guruprasad Mohapatra said on Tuesday.
Addressing industry leaders through a webinar last week, PM Modi had promised to drastically reduce India Inc’s burden by doing away with 6,000 compliance requirements. This is part of the government’s efforts to further improve the ease of doing business as well as ease of living, especially in the wake of the Covid-19 outbreak. For this purpose, the DPIIT is focussing on four issues: relaxing compliance burden; removing archaic laws; decriminalising several civil offences; and further simplification of the citizen-government interface.
According to a DPIIT assessment, as many as 4,000 of these compliance requirements are in the states’ domain and the Centre accounts for 2,000. The first phase will entail compliance needs the abolition of which won’t require any laws to be amended or scrapped, and this will be over by March 31. In the second phase, those compliance requirements that need legislative changes to be scrapped, will be taken up. This phase will be over by August 15.
The DPIIT has announced the launch of a regulatory compliance portal that will act as a bridge between citizens, industries and the government to reduce compliances.