New Delhi: Finance Minister Nirmala Sitharaman said on Wednesday that the government is committed to encouraging global economic partnerships, leveraging technology to strengthen traditional sectors and to significantly enhance the export potential of India.
Addressing a post-budget webinar on the theme ‘Regulatory, Investment, And Ease Of Doing Business (EODB) Reforms’, she said the government will now bring up the general Vishwas Bill 2.0 to decriminalise more than 100 provisions in various laws. It will further simplify processes for businesses, the minister said.
The Finance Minister emphasised that the government remains committed to ensuring the timely implementation of all budget announcements for the year 2025-26.
Highlighting the focus laid on capex, Nirmala Sitharaman said that the pathway for reforms is complemented by the government’s unwavering focus on capital expenditure as a driver of economic growth. For the year 2025-26, total effective capex is proposed at 15.48 lakh crores, which is 4.3 per cent of the GDP, with 11.21 lakh crore allocated as core capital expenditure by the Centre, which is 3.1 per cent of the GDP. This unprecedented investment in infrastructure development is already creating jobs, strengthening industries and laying the foundation for private sector participation in India’s growth story.
The Finance Minister also highlighted that budget announcements for 2024-25 such as the hike in the limit under MUDRA loans from Rs10 lakh to Rs 20 lakh and the new MSME Credit assessment model have already been implemented. As many as 11 Public Sector Banks have extended it to existing customers and seven Banks have extended it to new ones as well. Besides, 21 new SIDBI branches have already been opened in MSME clusters during 2024-25 in line with the budget announcement.
The Ministry of Corporate Affairs has also implemented the pilot project for the PM Internship scheme. The scheme was announced in the budget of 2024-25 creating over 1.25 lakh internship opportunities in top companies with over 6 lakh applicants. The government remains steadfast in reducing regulatory burdens and enhancing trust-based governance to improve the ease of doing business.
Decriminalisation of business-related laws reduces the legal risks, allowing industries to operate with greater confidence, she added.
The Finance Minister said that the robust manufacturing sector, free from unnecessary regulatory bottlenecks, will further attract both domestic and foreign investments, driving economic growth, and positioning India as a trusted global player. The government has over 42,000 compliances removed, and over 3700 legal provisions have been decriminalised since 2014. In the Jan Vishwas Act 2023, more than 180 legal provisions were decriminalised.
In his Thematic session of the post-budget webinar, M. Nagaraju, Secretary Department of Financial Services said that under the MUDRA Scheme, Rs 33 lakh crore loan amount has been sanctioned. Under the Stand-Up India initiative, the department has sanctioned Rs 59,000 crore to 2.62 lakh accounts. Additionally, under the PM SVANidhi scheme, Rs 14,000 crore has been sanctioned across 99 lakh accounts.
The Finance Minister said that Wednesday’s webinar has brought together stakeholders from ministries like Finance Department, Industry policy, internal trade, corporate affairs regulators, state governments, public sector banks, insurance companies, SIDBI, NABARD and industry associations to ensure smooth policy implementation.
She appreciated various important inputs that were received during the discussion and said they would be looked into suitably. The inputs will help align our strategies, address possible implementation challenges and ensure that budgetary announcements efficiently translate into tangible actions, FM Sitharaman added.
(IANS)
