The Government of India has established two high-level committees, both led by former Cabinet Secretary and full-time NITI Aayog member Rajiv Gauba, to formulate next-generation reforms.

Both committees are expected to submit their reports within a year but are required to submit an interim report to the Department of Economic Affairs every month.

1. Committee on Viksit Bharat goals

This panel is focused on developing long-term strategies and an action plan for economic development and employment generation needed to achieve the vision of a developed India by 2047. 

Its terms of reference include:

• Action Plan for economic development and employment generation through big-ticket projects(such as doubling of mining output, power generation, renewable energy including green hydrogen, small and advanced modular reactors, and coal gasification).
• Strategies for making India a destination for major investments(in sectors likesemi-conductors).
• Review implementation of major government schemes
• Suggest specific measures for Atmanirbhar Bharat
• Creating a roadmap to achieve Viksit Bharat goals. 

2. Committee on non-financial regulatory reforms

This committee is tasked with simplifying regulations, certifications, licenses, and permissions across various non-financial sectors.

Its terms of reference include:

• Enhancing the ease of doing business by simplifying regulations.Taking transformational measures related to inspections and compliances. 
• Reviewing all non-financial sector regulations, certifications, licenses, and permissions(Even regulatory and compliance requirements under the Companies Act of 2013 are to be reviewed).
• Strengthening trust-based economic governance(Make specific recommendations to decriminalize the regulatory and compliance requirements as much as possible)
• Requirement of MSMEs(from the central government and its agencies from registration to post-establishment operations such as inspections and compliances)
• Examine avenues for self-certification;third-party inspection; with some room for random checks as a monitoring mechanism{The current practices of all certification bodies, including the Bureau of Indian Standards (BIS), and Food Safety and Standards Authority of India with the objective of streamlining and eliminating certification and rules wherever deemed appropriate}.
• Easing compliance on foreign trade{the committee has been asked to review all procedures and rules, including those pertaining to Customs, and bodies like the Directorate General Foreign Trade (DGFT) and the Directorate General of Trade Remedies (DGTR)}.
• Approvals and compliances under the Environment (Protection) Act, 1986, and Water (Prevention and Control of Pollution) Act, 1974, will also come under the panel’s scrutiny.

Coordination and additional details

• Coordination with ministerial groups: The two Gauba-led panels will coordinate their work with informal ministerial groups chaired by Home Minister Amit Shah and Defence Minister Rajnath Singh.
• Industry and expert involvement: The committees also include secretaries from various departments, industry chamber representatives (CII, FICCI, and Assocham), and industry experts.
• Committee on non-financial regulatory reforms has representatives from the private sector.

Note:

The government has also clarified that the Task Force on Compliance Reduction and Deregulation, as well as a Deregulation Cell formed this January by the Cabinet Secretariat, will continue to function with the objective of helping States and Union Territories in reforming procedures and regulations in their respective domains.For State-level reforms, a separate committee, led by Cabinet Secretary T.V. Somanathan, is focusing on deregulation efforts at the state level.