New Delhi: States should work for reforms with the aim of reducing regulatory overras and promoting trade confidence, Rajiv Gauba, a member of the government’s policy think tank night, said on Thursday.Gauba also highlighted the ability to cooperate between NITI Aayog and DPIT (Department for Promotion of Industry and Internal Trade) to support states in adopting a principle-based approach to decimals. He was speaking at a high-level workshop for ease of making trade and investment promotion where many states participated.During the session on decrying and compliance reform, several states presented their ongoing initiative to be generated from the Public Faith Act 1.0, which highlights efforts to reduce crimes related to minor trade at the state level. An official statement stated that the discussion emphasized the need to convert minor trade crimes into civil punishment, while streamlining the compliance mechanism to reduce the burden on entrepreneurs, an official statement said.States shared examples of removing imprisonment segments, adopting self-promotional regulations, removing license renewal and simplifying regulatory touchpoints to encourage ease of compliance and create confidence with businesses. Representatives of the industry also suggested the introduction of a reliable taxpayers’ program for direct and indirect taxes, to encourage compliance and promote more convenient regulatory environment.BVR Subrahmanyam, CEO, NITI Aayog, underlined the role of state-level execution in shaping the country’s overall investment atmosphere. He emphasized that there is a lot to learn from within the countries, cited the diversity of successful models throughout the states. He called for streamlined systems, extended accountability, and asked India to make India the most attractive and reliable destination for global capital.
