The Better Regulatory Advisory Group has been convened and met today under the chairmanship of Secretary, DIPP at New Delhi.

The Advisory Group has been formed to look into the issues to improve regulatory processes for fast tracking of investments, both from the domestic and the foreign companies. The members emphasized that there is a need to evaluate the regulatory burden in certain areas and also to create a mechanism for regulatory impact assessment of proposed regulations.

The Group advised the formation of following six sub-groups to identify regulatory bottlenecks and suggest best practices in these sectors followed  worldover and present their recommendations within two weeks.

The sectors that the sub-groups will look into are:

a. Income-tax                                              

b. Goods and Services Tax                      

c. Corporate Laws                           

d. Financial Securities Laws                   

e. Regulatory Impact Assessment         

f. MSME   

Regulatory impact assessment promoted to streamline approvals and reduce regulatory burden for domestic and foreign investment. The Better Regulatory Advisory Group will identify and reduce regulatory burden affecting domestic and foreign investment and establish a mechanism for Regulatory Impact Assessment of proposed regulations to speed approvals and improve predictability. Six sectoral sub groups - covering Income tax, Goods and Services Tax, Corporate Laws, Financial Securities Laws, Regulatory Impact Assessment methodology, and MSME regulation - will diagnose bottlenecks and recommend best practices to streamline compliance and facilitate investment.