The Indian government is considering decriminalizing minor defaults under the MSMED Act to ease the burden on MSMEs. This move, recommended by the MSME ministry, aims to simplify business operations and reduce the financial strain caused by minor penalties and legal battles.
The Indian government is set to launch the Business Reforms Action Plan (BRAP) 2024, a comprehensive regulatory overhaul designed to bolster the country’s business environment and attract investments. The plan incorporates new areas like information technology adoption and aims to streamline processes, reduce compliance burdens, and position India as a leading investment destination.
The Indian government is set to establish the Mediation Council of India (MCI) by the end of the year, aiming to promote out-of-court dispute resolution and enhance the ease of doing business in the country. The MCI, formed under the Mediation Act of 2022, will oversee the regulation, education, and certification of mediators, ultimately aiming to make mediation a preferred method for dispute resolution, particularly for businesses.
Startups in India eagerly anticipate the new government’s policies that will address their unique requirements for growth and success. Industry leaders anticipate significant shifts in the insurance sector, with a focus on financial inclusion, customer protection, and digital enterprise. Additionally, startups expect the government to prioritize ease of doing business, digitization, and support for research and development, infrastructure development, and financial assistance. The business community looks forward to policy continuity and initiatives that leverage India’s strengths in demographics, digitalization, and AI to drive economic growth.
