High-level committee to review non-financial sector regulations

Finance Minister Nirmala Sitharaman on Saturday announced that a high-level committee for regulatory reforms will be set up for a review of all non-financial sector regulations, certifications, licenses, and permissions.

The objective of the high-level committee will be to strengthen trust-based economic governance and take transformational measures to enhance ease of doing business, especially in matters of inspections and compliances.

The committee is expected to make recommendations within a year. States will also be encouraged to join in this initiative.

“The financial (sector) is still being looked at through the Financial Stability and Development Council (FSDC), whereas the non-financial (sector) is where we are asking for an appointment of a high-level committee which will look at the regulations, particularly for compliance, inspection and certification,” Sitharaman said during the post-Budget media briefing.