The reforms will include a "presumption in favour of sustainable development" whilst protecting the environment, said Osborne.
Planning law expert Richard Ford of Pinsent Masons, the law firm behind Out-Law.com, said that not every part of the NPPF will necessarily take immediate effect.
"Clearly we await to see the detail of what 'comes into effect when published' means," he said. "The presumption in favour of sustainable development and large parts of the NPPF may come into force immediately, but other parts could be subject to transitional provisions to give local authority local plans and neighbourhood plans a little breathing space. We will have to see if this is a bit of spin or not."
It is "unacceptable" that global businesses have diverted their investments to other counties due to the planning system, said Osborne. The overhaul of the planning system is the "biggest reduction in business red tape ever undertaken in Britain," he said.
The "presumption in favour of sustainable development" in the draft policy stated that where a council's local plan is "absent, silent or indeterminate", there is a presumption in favour of granting planning permission for all sustainable development.
The NPPF is the Government's new planning policy which aims to reform, streamline and clarify the planning system to make it more accessible to the public. The reforms will reduce over 1300 pages of current planning policy to around 50 pages.
The draft NPPF was published in July last year and has been the subject of public consultation and extensive scrutiny by Parliament's Local Government and Communities Select Committee.
"You can't earn your future if you can't get planning permission," said Osborne.
