Twelve committees consisting of top officials have been set up to come up with solutions to boost long-term economic growth in the country. Amid global uncertainties, these panels will be working on helping reduce the compliance burden for businesses, uplifting private investment in infrastructure, helping out small businesses, and promoting job creation. Keeping the advice in mind, the government will then chalk up plans to help the country to match the parameters that other developed countries have set for themselves.
This move is very welcome as India’s exports and job creation are currently being negatively affected by a fall in global demand due to rising interest rates. The 12 committees are based are created to minimize regulatory compliances, infrastructure and investments, thrust on small businesses, empower women, health and nutrition, and skill development. They will identify the milestones that need to be achieved in all these areas over the next 25 years. Punjab will focus on the minimizing regulatory compliance part and assessing the cost of regulation will be led by Tamil Nadu. The group on improving private investment will be led by Gujarat, with a focus on manufacturing, housing and real estate, and services and Madhya Pradesh will work on urban infrastructure, urban transport, roads and logistics, power and industrial infrastructure. Haryana will lead the way for formalization, assessment, and bridging the credit gap in MSMEs across sectors and synergizing states’ and the Union government’s efforts towards inclusion. The most important recommendations of these groups will be deliberated on during the second National Chief Secretaries Conference to be held in 2023.