Businesses still face thousands of regulations, House Panel told

Despite ongoing government efforts to streamline regulations, Indian businesses continue to grapple with an overwhelming array of statutory requirements. A recent parliamentary report presented to the House Panel has revealed that over 1,500 laws and 69,000 compliance mandates remain in place, posing significant challenges for enterprises across the nation. The report underscores the complexity and volume of these regulations, which many argue impede business efficiency and economic growth. The findings indicate that while some progress has been made in reducing red tape, the pace of deregulation has not kept up with the needs of the business community. Experts have pointed out that the sheer number of regulations can lead to increased operational costs and create barriers to entry for smaller firms. This regulatory burden is seen as a critical issue that requires urgent attention to foster a more conducive environment for investment and innovation. In response to the report, members of the House Panel have called for a more aggressive approach to deregulation, emphasizing the need to simplify and rationalize the existing framework. They argue that a streamlined regulatory environment is essential to enhance India's competitiveness on the global stage. As the government considers further reforms, the business community remains hopeful for a balanced approach that safeguards compliance while promoting growth and ease of doing business.

— Authored by Next24 Live