India, Feb. 1 -- The Union Budget to be presented by finance minister Nirmala Sitharaman on Sunday is expected to accelerate regulatory reforms by dismantling compliance burdens for citizens, businesses and professionals to drive the "Viksit Bharat" (Developed India) 2047 goal, people familiar with the matter said, attributing it to Prime Minister Narendra Modi's "Reform Express" focus in recent policy directives.

The regulatory easing may include exemptions from mandatory audits and corporate social responsibility (CSR) rules for small and medium enterprises (SMEs), allowing them to focus on core operations, the people said. While CSR is not mandatory for most micro, small and medium enterprises (MSMEs), it applies if net profit exceeds...