Syllabus Section: Economy

 

Why in News?

The Department for Promotion of Industry and Internal Trade (DPIIT) has launched a regulatory compliance portal that will act as a bridge between citizens, industries, and the government to minimize burdensome compliances.

About:

• It will also act as a first-of-its-kind central online repository of all central and state-level compliances.

• All central ministries/departments and states/UTs would examine laws/ regulations/rules under their purview and implement an action plan to rationalize and simplify all the processes and remove burdensome compliances, decriminalize laws and repeal redundant acts.

• This will be assessed by concerned government authorities and suitable action would be undertaken to minimize the regulatory compliance burden.

• The department has been directed by the Cabinet Secretary to act as the nodal department for coordinating the exercise of minimizing regulatory compliance burden for citizens and businesses.

Source: Financial Express