More than 40,000 business reforms have been undertaken by State governments over the past decade to improve the ease of doing business, with Gujarat emerging as a front-runner in implementing these measures, according to the Department for Promotion of Industry and Internal Trade (DPIIT). The reforms have been carried out through the Business Reform Action Plan, with the Central and State governments working together to improve the business environment. The government is also advancing decriminalisation and deregulation measures, while District Business Reform Action Plans are being implemented to extend reforms to the ground level. Industrial infrastructure is being expanded through initiatives such as the National Industrial Corridor Development Programme, under which more than 20 industrial townships are being developed. The government is also supporting industrial competitiveness through Production Linked Incentive (PLI) schemes covering 14 sectors and State-level industrial policies. Free Trade Agreements (FTAs) with partners including the European Union, the UK, EFTA nations, Australia and Gulf countries are expected to expand market opportunities and encourage domestic industries to improve cost competitiveness and product quality.
Innovation and deeper domestic value chains are also being supported through initiatives such as the Research, Development and Innovation (RDI) Fund and the Fund of Funds for Startups, particularly in deep technology. The Quality Council of India is working at the cluster level across four sectors to strengthen inputs, standards, testing and productivity. Gujarat has emerged as a leading State in implementing business reforms and has set a target of developing a Rs. 332.99 lakh crore (US$ 3.50 trillion) economy. Gujarat's GDP growth has remained around 10-11% in recent years, excluding the pandemic period, while strong credit flows, Goods and Services Tax (GST) collections and rising power demand are supporting economic activity. The State government has indicated that a faster pace of growth will be required to achieve the Rs. 332.99 lakh crore (US$ 3.50 trillion) economic target. The continued focus on deregulation, industrial infrastructure, incentives, quality standards and innovation is expected to strengthen India's investment environment and support greater participation of domestic and global businesses.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.