Promoting Ease Of Doing Business: Centre Gears Up To Tweak Or Remove 9,732 Archaic Compliances By 15 August

In a major move towards ensuring greater ease of doing business in the nation, the Government has started an exercise to either tweak or completely do away with as many as 9,732 compliances, reports Economic Times.

The first phase of the exercise was completed on 31 March and the deadline for the second phase is 15 August. The exercise is being pursued on a mission mode.

It should also be noted that of all the handpicked compliances, as many as 37 per cent fall under the purview of the Ministry of Finance alone.

Upon completion of the entire exercise, the compliance burden for companies and individuals in the nation is likely to come down significantly, giving a fillip to ease of doing business and ease of living.

Meanwhile, the Centre is also engaging with the States to ensure that they as well downsize their regulations to ensure that businesses get a bigger boost in the form of saved time and money. NITI Aayog has asked the States to identify regulations and compliances which are cumbersome or redundant and do away with them.