Economic Survey 2023-24: Govt decriminalises 63 offences to boost ease of doing business, says FM Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman on Monday, July 22, announced significant reforms to improve the Ease of Doing Business in India, highlighting the decriminalization of 63 offences as a key achievement.

While presenting the Economic Survey 2023-24 in the Lok Sabha, Sitharaman emphasized the government's efforts to simplify regulations and promote a business-friendly environment.

Sitharaman said, “Many steps have been taken to improve the ‘Ease of Doing Business’. Nearly 11 steps have been mentioned in the reply, but most importantly, the Decriminalisation of 63 offences, as a result of which companies today are able to carry on their functions without the worry of compliance. A central processing system has also been set up.”

Economic Survey 2023-24

Finance Minister Nirmala Sitharaman presented the Economic Survey 2023-24 and its statistical appendix in the Lok Sabha. This annual document, prepared by the Department of Economic Affairs, assesses the current economic state and outlines short-to-medium-term prospects and is released ahead of the Union Budget.

The Economic Survey is crafted by the Economic Division of the Department of Economic Affairs within the Ministry of Finance under the guidance of the chief economic adviser. This tradition dates back to 1950-51 when the first Economic Survey was part of the budget documents. In the 1960s, it was separated from the Union Budget and has since been tabled a day before the budget presentation.

Sitharaman is set to present the Union Budget for 2024-25 on Tuesday, July 23.

Addressing the press ahead of Parliament's Budget session, PM Modi appealed to opposition parties playing "negative politics" to "get rid of past bitterness and come together."

"I would like to request all parliamentarians to participate in all discussions in the House, no matter how ideologically opposed they are. Opposite ideologies are not bad, but negative ideologies are. That is when the limit of thoughts comes to an end. The country does not need negativity," PM Modi said.

The Prime Minister urged all MPs to have progressive ideologies, saying, "The country needs a progressive ideology that fuels development and takes the country to great heights."