According to Chairperson Rajeeva Laxman Karandikar, while the National Statistical Commission has a broad mandate, it has only become an advisory body in practice
Citing the recent Mediation Act, 2023, the ECA-PM member called for a need to amend section 12A of the Commercial Courts Act, 2015 to make mediation voluntary saying it will reduce the timeline of dispute resolution by three to five months and lower the legal costs that entrepreneurs have to bear.
The Goods and Services Tax (GST) regime in India has shown positive outcomes, including revenue growth, formalization of the economy, reduced tax rates, and a more unified market, according to Bibek Debroy, chairman of the Economic Advisory Council to the Prime Minister. GST revenue collections have increased significantly since its launch in 2017, and a proposal has been made to create a GST Rate Index to track tax rate movements.
The paper also suggested that the government may consider putting in place a system to assimilate all the statutory/regulatory mandates from respective ministries and departments around labeling-related changes and notify them twice a year on pre-announced fixed dates.