New Delhi, March 4 -- Finance Minister Nirmala Sitharaman on Tuesday reiterated the central government's commitment to reducing regulatory hurdles and fostering trust-based governance, saying the Union Budget reflects these priorities.

"We are taking decisive steps to transform India into a seamless, export-friendly economy-one where businesses are free to focus on innovation and expansion, not paperwork and penalties," she said at a post-budget webinar organized by the Department of Financial Services, attended by policymakers and private sector representatives.

Highlighting the need for regulatory reforms, Sitharaman said decriminalizing business-related offences would help industries operate with greater confidence by reducing legal ...