Trust between Govt and Businesses

Over the years, 3,400 legal provisions were decriminalised and over 39,000 compliances were cut.

Anecdotally, India’s regulatory framework encompasses 1,536 laws with 69,233 compliances across various levels of government, with new requirements being added frequently.

While these changes represent progress, deep-rooted issues remain, requiring ongoing reform and legislative action.

Building trust between the government and business is more challenging than fostering trust with citizens due to several factors.

There’s a widespread perception of corruption, which complicates trust- building. Second, businesses involve numerous stakeholders with diverse needs, making uniform trust difficult to achieve.

However, Some regulatory compliances are essential for societal welfare, necessitating distinction between critical and peripheral requirements, which is complex. Despite these challenges, moving towards a trust-based governance model is crucial.

Transparency is fundamental in building the trust gap between governments and businesses. Digital transactions create an audit trail that discourages unethical behaviour and allows real-time identification of misconduct, reducing the need for extensive regulatory procedures.

This review should focus on identifying gaps between essential and non-essential requirements, promoting self-certification, simplifying processes and leveraging digitalisation. Inspection and third-party certification requirements should be eliminated wherever possible. Unnecessary and ambiguous requirements should be removed and information that is already available with government agencies should not be sought again. Introducing online facilities with the help of artificial intelligence will help the business community to comply with the requirements themselves.

India has made great progress in building a trust-based government system, especially strengthening the process of trust building with citizens. Still, there is more to come.

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