Last month, the Union Cabinet approved the establishment of 12 industrial smart cities in Uttar Pradesh, including Agra and Prayagraj, with a total investment of Rs 286.02 billion. The project is expected to generate 1 million direct jobs and up to 3 million indirect jobs, with an overall investment potential of Rs 1.5 trillion.

Goyal also praised the advancements in India’s intellectual property rights (IPR) regime, noting that the number of patents issued has seen a significant rise—from 6,000 in 2014 to 100,000 in 2024. India now ranks 39th among 133 countries in the Global Innovation Index 2024, released by the World Intellectual Property Organization.

“We have become a globally recognised innovation economy. People engaged in R&D and innovation have acknowledged how much our IPR framework has evolved,” Goyal stated.

Goyal further emphasised the importance of supporting local industries by encouraging the use of Indian-made products to reduce dependence on imported goods. He highlighted sectors such as semiconductor manufacturing, electronics, high-quality electric mobility, and construction machinery as key areas for growth.

Goyal also discussed the Department for Promotion of Industry and Internal Trade’s (DPIIT) efforts to streamline regulations with the Jan Vishwas 2.0 initiative, which aims to simplify nearly 100 rules and laws across various government departments. This is part of the government’s 100-day thrust to enhance the ease of doing business.

The Jan Vishwas (Amendment of Provisions) Act, 2023, decriminalised minor offences across 42 Central Acts and eliminated 183 criminal provisions across 19 Ministries. It introduced civil penalties and administrative actions for minor lapses to reduce the fear of criminal penalties, thereby boosting investor confidence.

The Joint Parliamentary Committee overseeing the Jan Vishwas Bill has recommended extending the reforms to additional legislation to further modernize India’s regulatory framework and improve the business environment. (ET)