New Delhi, Dec. 30 -- The central government is assessing regulations across sectors to identify the ones that can be relaxed in the upcoming budget and beyond to cut red tape and help revive growth in a slowing economy, according to three people familiar with internal deliberations.

Preliminary discussions are underway to identify the sectors where regulatory easing could stimulate growth, the people said on the condition of anonymity as details have not been finalized yet.

One area that will get attention in the deregulation effort is the impact of existing rules and actions of regulatory bodies on the entities under their jurisdiction, according to one of the three people quoted earlier. If there are areas of over-regulation, it will...