The gem and jewellery (GJ) industry and trade have found robust support and growth through the Ease of Doing Business (EoDB) initiatives. The Ministry of Commerce and Industry (MoC&I) recently reiterated its commitment to promoting industry and internal trade by emphasizing the importance of EoDB and reducing compliance burdens.
Efforts to reduce the compliance burden have yielded significant results, with more than 3,600 compliances being decriminalized and over 41,000 compliances being trimmed across various Ministries, Departments, States, and Union Territories. India’s remarkable ascent in the Ease of Doing Business Ranking from 142nd in 2014 to 63rd in the World Bank Doing Business 2020 report reflects this progress.
The passage of the Jan Vishwas (Amendment of Provisions) Bill, 2023 by Parliament seeks to decriminalize 183 provisions within 42 Central Acts managed by 19 Ministries and Departments.
Evaluation of all States and Union Territories under the Business Reform Action Plan (BRAP) focuses on specific reform parameters encompassing investment facilitation, information access, online single-window systems, land allotment, construction permits, labor regulations, environmental registrations, inspections, utility permits, contract enforcement, and sector-specific reforms. The BRAP 2022 report is due for release shortly.
Moreover, within the ambit of EoDB reforms, the government is progressing towards a centralized Know Your Customer (KYC) and Permanent Account Number (PAN) system as a unified business identity. Regulatory Impact Assessment initiatives are being introduced to bolster foreign direct investment (FDI) and domestic manufacturing activities across the country. These measures are geared towards fostering a conducive business environment and catalyzing economic growth.