Government to Form Deregulation Commission Aimed at Reducing State Role in Governance

Prime Minister Narendra Modi announced the formation of a deregulation commission to minimise government involvement in governance. Speaking at the ET Now Global Business Summit, he highlighted the government's efforts to eliminate outdated regulations through Jan Vishwas 2.0, aiming to simplify business operations. "It is my conviction that there should be less interference of the government in the society. For this, the government is also going to constitute a Deregulation Commission," he stated.

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The Prime Minister emphasised the importance of private sector participation in achieving a developed India by 2047. He noted that sectors like nuclear energy, space, commercial mining, and power distribution have been opened for private investment to enhance efficiency. The NDA government's policies have shifted from instilling fear in businesses to promoting ease of doing business.

India's Role in Global Developments

Modi expressed confidence in India's active involvement in the Fourth Industrial Revolution. He believes India will play a leading role in this global transformation. Highlighting various reforms, he mentioned the Svamitva Yojana, which addresses property rights issues by providing legal documentation for properties. This initiative has unlocked properties worth Rs 100 lakh crore in rural areas.

The Prime Minister criticised previous governments for neglecting property rights, which are crucial for poverty reduction and nation-building. "Worldwide, many people do not have legal documentation for their properties. Property rights help reduce poverty, but the previous government never paid attention to this issue," he remarked.

Global Confidence in India

Modi highlighted India's growing prominence on the global stage, particularly during discussions at the AI Action Summit in France. He noted that major countries and leading platforms have strong confidence in India. "Today, India is at the forefront of discussions about the world's future and is, in many respects, taking a leading role," he said.

The Prime Minister's remarks underscore India's strategic initiatives to foster economic growth and global leadership. By reducing regulatory burdens and encouraging private sector investment, India aims to position itself as a key player in future global developments.