BUSINESS REFORMS ACTION PLAN - ECONOMY

Business Reforms Action Plan - economy

News: The Union Government is set to unveil the Business Reforms Action Plan (BRAP) 2024.

Business Reforms Action Plan (BRAP)

  • It was launched by the Ministry of Commerce and Industry in 2014-2015, aims to improve the ease of doing business and enhance the overall business environment in the country.

Key Objectives:

·         Simplification of Regulatory Processes: Streamlining business regulations to reduce compliance burdens.

·         Digitization: Encouraging digital platforms for business registration, licensing, and other regulatory requirements.

·         Stakeholder Engagement: Involving businesses in the reform process to ensure their needs are met.

·         Benchmarking: Comparing India’s business environment with other countries to identify areas for improvement.

Major Areas of Focus:

·         Starting a Business: Reducing the time and cost involved in starting a business.

·         Construction Permits: Streamlining processes for obtaining construction permits.

·         Labor Regulation: Simplifying labor laws and improving compliance mechanisms.

·         Trade and Customs: Enhancing the efficiency of trade processes and customs clearance.

Implementation:

·         The BRAP consists of a series of annual action plans, where states are evaluated on their reform efforts.

·         States that perform well are recognized and rewarded, creating a competitive environment for reforms.

BRAP 2024

  • It is set to establish a seamless business regulatory framework across the country, enhancing the ease of doing business.
  • Led by the Department for Promotion of Industry and Internal Trade (DPIIT), BRAP 2024 introduces next-generation reforms that address the needs of both businesses and citizens. 
  • BRAP 2024 continues to streamline processes, reduce compliance burdens, and implement digital solutions to make India a preferred global investment hub.
  • BRAP has expanded beyond its initial scope, covering critical sectors such as Labour, Environment, Taxes, Land Administration, Utility Permits, Inspection and Construction.

Department for Promotion of Industry and Internal Trade

  • It was established in 1995, and in the year 2000 the Department of Industrial Development was merged with it. 
  • It is working under the Ministry of Commerce and Industry.
  • This department is responsible for formulation and implementation of promotional and developmental measures for growth of the industrial sector, keeping in view the national priorities and socio-economic objectives.