Explanation:

Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry has launched a Regulatory Compliance Portal to minimize Regulatory Compliance Burden for Businesses and Citizens.

• The objective of this portal launched on 1st January 2021 is to act as a bridge between citizens, industries and the Government in order to minimize burdensome compliances.
• It will also act as a first-of-its-kind central online repository of all Central and State-level compliances.
• All Central Ministries/Departments and States/UTs would examine laws/regulations/rules under their purview and implement an Action Plan to rationalize and simplify all the processes and remove burdensome compliances. These details would be captured and tracked on the Regulatory Compliance Portal.
• Industry stakeholders from Trade bodies such as CII, FICCI and ASSOCHAM would also be able to submit compliances and proposed recommendations. This will be assessed by concerned Government authorities and suitable action would be undertaken to minimize the regulatory compliance burden.

Hence both statements are correct.