Background

• The Economic Survey  mentions that the Indian economy grew at 9.7 percent  and 7.0 percent in 2021-22 and 2022-23, respectively, and is estimated to grow at 8.2 percent in real terms in  2023-24.

Next Generation Reforms

• The elements of ‘next  generation reforms’  span various factors  of production such as  land, labour, capital and  entrepreneurship to spur  economic growth aimed  at achieving the status of  Viksit Bharat by 2047.
• These  reforms will be undertaken in close collaboration with  states through cooperative federalism.

Land Reforms

• Assigning Unique Land Parcel Identification Number (ULPIN) or Bhu-Aadhaar for all lands, digitization of cadastral maps, survey of map subdivisions as per current ownership, establishment of land registry, and linking to the farmers registry. These measures will also facilitate credit flow and other agricultural services.
• Digital registry: It is part of the Government’s Digital Agriculture Mission, which would enable farmers to access benefits from a host of schemes. The unique IDs would contain the details of the farmers’ land holding, crops grown in the field and other details, so that it would be easier for the Government to provide direct cash benefits, sanction credits, crop insurance and projecting crop yield in advance. 

Labour Reforms

• A comprehensive integration of the e-shram portal with other portals will facilitate a one-stop solution. 
• Open architecture databases for the rapidly changing labour market, skill requirements and available job roles, and a mechanism to connect job-aspirants with potential employers and skill providers will be covered.
• The Shram Suvidha and Samadhan portals will be revamped to enhance ease of compliance for the industry and trade.

Reforms in financial sector and investment promotion

• Financial sector vision and strategy document: This will set the agenda for the next five years and guide the work of the Government, regulators, financial institutions and market participants.
• In addition, the Government will develop a taxonomy for climate finance for enhancing the availability of capital for climate adaptation and mitigation. 
• Under the next generation reform, the Government will seek the required legislative approval for providing an efficient and flexible mode for financing, leasing of aircrafts and ships, and pooled funds of private equity through a ‘variable company structure’. 
• The rules and regulations for Foreign Direct Investment and Overseas Investments will be simplified to facilitate Foreign Direct Investments, nudge prioritization, and promote opportunities for using Indian Rupee as a currency for overseas investments.

Pension reforms

• National Pension System (NPS)-Vatsalya: It is a plan for contribution by parents and guardians for minors will be launched while attaining the age of majority, the plan can be converted seamlessly into a normal NPS account.

Adoption of technology and ease of doing business

• Jan Vishwas Bill 2.0.: It is for enhancing Ease of Doing Business. The legislation aims to contribute to rationalising criminal provisions and ensuring that citizens, businesses and the Government departments operate without fear of imprisonment for minor, technical or procedural defaults. 
• For improving data governance the existing databases (including those from Digital India)shall be utilised.