What's New

Budget 2023: Good Governance

Ease of doing Business

• For enhancing ease of doing business, more than 39,000 compliances have been reduced and more than 3,400 legal provisions have been decriminalized.
• For furthering trust-based governance, the government has introduced the Jan Vishwas Bill to amend 42 Central Acts.

Centres of Excellence for Artificial Intelligence

• For realizing the vision of Make AI in India and Make AI work for India, three centres of excellence for Artificial Intelligence will be set-up in top educational institutions.

National Data Governance Policy

• To unleash innovation and research by start-ups and academia, a National Data Governance Policy will be brought out. This will enable access to anonymized data.

Simplification of Know Your Customer (KYC) process

• The KYC process will be simplified by adopting a ‘risk-based’ instead of ‘one size fits all’ approach.
• The financial sector regulators will also be encouraged to have a KYC system fully amenable to meet the needs of Digital India.

Common Business Identifier

• For the business establishments required to have a Permanent Account Number (PAN), the PAN will be used as the common identifier for all digital systems of specified government agencies.
• This will bring ease of doing business; and it will be facilitated through a legal mandate.

Unified Filing Process

• For obviating the need for separate submission of same information to different government agencies, a system of ‘Unified Filing Process’ will be set-up.
• Such filing of information or return in simplified forms on a common portal, will be shared with other agencies as per filer’s choice.

Vivad se Vishwas I – Relief for MSMEs

• In cases of failure by MSMEs to execute contracts during the Covid period, 95 per cent of the forfeited amount relating to bid or performance security, will be returned to them by government and government undertakings.  This will provide relief to MSMEs.

Vivad se Vishwas II – Settling Contractual Disputes

• To settle contractual disputes of government and government undertakings, wherein an arbitral award is under challenge in a court, a voluntary settlement scheme with standardised terms will be introduced.

State Support Mission

• The State Support Mission of NITI Aayog will be continued for three years for our collective efforts towards national priorities.

E-Courts

• For efficient administration of justice, Phase-3 of the E-Courts project will be launched with an outlay of 7,000 crore.

Fintech Services

• Fintech services in India have been facilitated by our digital public infrastructure including Aadhaar, PM Jan Dhan Yojana, Video KYC, India Stack and UPI.
• To enable more Fintech innovative services, the scope of documents available in DigiLocker for individuals will be expanded.

Entity DigiLocker

• An Entity DigiLocker will be set up for use by MSMEs, large business and charitable trusts.
• This will be towards storing and sharing documents online securely, whenever needed, with various authorities, regulators, banks and other business entities.

Lab Grown Diamonds

• India is a global leader in cutting and polishing of natural diamonds, contributing about three-fourths of the global turnover by value.
• With the depletion in deposits of natural diamonds, the industry is moving towards Lab Grown Diamonds (LGDs)
• Lab Grown Diamonds (LGD) is a technology-and innovation-driven emerging sector with high employment potential.
• These environment-friendly diamonds which have optically and chemically the same properties as natural diamonds.
• To encourage indigenous production of LGD seeds and machines and to reduce import dependency, a research and development grant will be provided to one of the IITs for five years.