New Delhi :
The government has decided to bring a new public belief 2.0 bill to improve the atmosphere for business in the country and to decriminalize many businesses related to business. Addressing the stakeholders in the webinar after the budget on the MSME sector, Prime Minister Narendra Modi said that the assurance of the Kasisturity and Reforms is a change, which has brought a new confidence within the industry. Public Faith 2.0 Bill is an important step towards advancing this stability and economic reform process.
PM Modi said, “Strong policy and better business environment is very important for development in any country. So we brought a few years ago, we tried to reduce the compliances, more than 40 thousand components were abolished at the center and state level, it gave promotion to the Ease of Doing Business. Our government believes that this is a constant operation. Bringing the system of, we are working on the public trust 2.0 bill. It is also our effort to form a committee to review the regulation of non -financial sector.
According to sources, in the public confidence bill 2.0, the government has identified 82 provisions involved in 17 existing laws related to 11 ministries.
This bill will increase mutual faith: Vij
The industry has welcomed this initiative. “We welcome Prime Minister Narendra Modi’s initiative.” We welcome Prime Minister Narendra Modi’s initiative. Public confidence will increase mutual trust between the government and business with the government and business. There is a law, shops and estimatory acts like Industry Act, Shops and Establishment Act in the country, ” The government is taking serious initiative to decriminalize the law related to business.
Criminal processing not correct in many cases: Mehta
Industry Association PhDCCI has described the Prime Minister’s statement as positive and enhancing the trust of the industry. PHDCCI CEO and Secretary General Ranjit Mehta told NewsDeskReport, “Prime Minister Narendra Modi’s statement is important. Public confidence 2.0 bill will increase confidence between the government and the industry. Many times there are technical or procedural mistakes during business. In such cases criminal processing will not be right”.
Help in reducing red tape: Parakh
Kirit Parekh, an economist and member of the former Planning Commission, says that this decision will help in decreasing red tape in the government.
Kirit Parikh told NewsDeskReport, “Ease of doing business is very important for India to start a new business and for expansion of old business … Extension of export sector is very important to make India a developed country. Right now the cost of logistics in the export sector is very much … It reduces the competition of Indian exports in the international market. For the expansion of the business, the compulsory permits and clearance will also be reduced by a lot of time.
It is obvious that now it will be important to see how soon the Modi government introduces the public faith bill 2.0 in Parliament.