Union Budget: As India plans to work towards being a viksit nation by 2047, industry body Confederation of Indian Industry (CII) has put forward a 10-point specific suggestion before Prime Minister Narendra Modi-led government for the upcoming Budget 2025 to enable ease of doing business. As per the industry body, all regulatory approvals - central, state and local levels - must mandatorily be provided only through the National Single Window System (NSWS), which they believe will help bring about transparency and speed in the processes. In the first stage, CII suggested that it should be completed for all central ministries within the next six months, followed by bringing on the platform, states, in a phased manner. A dedicated central budget could be allocated for the purpose, especially from the point of view of incentivizing states to shift completely to the portal.Read More: Budget 2025 can position India as the world’s China Plus One hub with manufacturing prowess While India has over the last decade remained focused on improving ease of doing business (EoDB), there is a need to maintain the momentum especially in certain specific areas, CII said in a statement.Chandrajit Banerjee, Director General, CII, said simplifying regulatory frameworks, reducing compliance burdens and enhancing transparency should continue to remain India's focus agenda for next several years. "Compliances for industry related to various areas such as land, labour, dispute resolution, paying taxes and environment offer a vast scope for reduction, vital for boosting competitiveness, driving economic growth and employment generation," the industry captain said, as quoted in the statement.Read More: Budget 2025: Will it be BJP’s strategies in big budget or AAP’s freebies for Delhi voters this February?Furthermore, CII said an Act, imposing statutory obligation on all public authorities for time-bound delivery of services and redressal of grievances, could be passed, with provision of deemed approval beyond the prescribed timeline.Three, it called for expedition of process of dispute resolution through both improving the capacity of courts and placing greater reliance on Alternative Dispute Resolution (ADR) mechanism.Read More: Budget 2025’s starry aim: Does India need more funds to fuel its cosmic dreams?Four, the scope of the National Judicial Data Grid (NJDG), which has been set up to identify, manage and reduce pendency of cases across the courts, needs to be expanded to include the data of tribunals, which constitute substantial chunk of pendency of cases in the system.Further, for streamlining environmental compliances, a unified framework could be introduced, which consolidates all requirements into a single document, CII suggested. "A performance-based incentive system can also be established to recognize companies that consistently exceed environmental standards by offering expedited environmental/forest approvals, clearances and permits," CII said.Easy access to land is important to facilitate new or expanding businesses. CII suggested that States may be incentivized to develop an Online Integrated Land Authority with an objective to streamline land banks, digitize and integrate land records, and provide information on disputed land, among others.Among other suggestions were reducing labour compliances, improving trade facilitation, and minimising tax-related litigation. The Budget 2025 will mark Finance Minister Nirmala Sitharaman's eighth, with eyes on the key announcements and the government's forward-looking economic guidance for the remainder of the Modi 3.0 tenure.The Indian economy had slowed to 5.4% in the July-September quarter, lowest in seven quarters and experts expect it to bounce back in the second half of the fiscal. The slowdown, a seven-quarter low, marked a significant decline from 8.1% in the same period last year and from 6.7% in the previous quarter.The slump in the second quarter’s growth was largely due to weaker manufacturing, mining and electricity and gas production. Agriculture sector showed improvement due to above-average rainfall, boosting farm incomes.The Indian economy grew 8.2 per cent in the 2023-24 financial year.The quarterly growth was quite lower than RBI's forecast of 7 per cent. In the April-June quarter too, India's GDP grew at a slower pace than was estimated by its central bank.(with agency inputs)
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