Governments are trying to make rules for businesses simpler and easier to understand. This approach is known as:
Show answer & explanation
Correct answer: B
Explanation
Answer: Streamlining Regulations.
Explanation:
The process by which governments simplify, enhance the transparency of, and improve the effectiveness of rules governing businesses is known as 'streamlining regulations.' This constitutes a significant step toward achieving 'Ease of Doing Business.' The Government of India has adopted this approach under the mantra of 'Minimum Government, Maximum Governance.' Its primary objective is to minimize bureaucratic hurdles and reduce the compliance burden, thereby fostering entrepreneurship.
Additional Points:
Other Options: Making regulations stricter or creating an excessive number of rules creates impediments to conducting business, whereas disregarding regulations can lead to chaos and corruption.
Key Initiatives: In India, the 'National Single Window System' (NSWS) and the 'Jan Vishwas Bill' represent steps taken in this direction.
Potential Exam Questions and Answers:
Question: Which institution previously published the 'Ease of Doing Business' index in India?
Answer: The World Bank (this is currently being replaced by the 'B-READY' project).
Question: What is the name of the portal designed to digitize regulations for the purpose of facilitating ease of doing business?
Answer: National Single Window System.