- Arts & Entertainment
- All Stories
Business & Economy
Decriminalization of Companies Act will facilitate ease of doing business In India: ASSOCHAM
New Delhi, May 18, 2020
ASSOCHAM President Niranjan Hiranandani has said that the industry is elated with the fifth and final tranche of measures announced by the Finance Ministry on Sunday to provide relief to the business community by removing several impediments like the exclusion of debts under Insolvency and Bankruptcy Code (IBC) related to COVID and decriminalizing of Companies Act violations involving minor technical and procedural defaults.
According to him, the industry had been demanding these reforms to prevent unnecessary stress and pressure facing by the MSME due to costly litigation and fear of criminal proceedings.
“We are extremely thankful to the government for coming out with these measures which would relieve the small and micro businesses from total closure,” he said.
Hiranandani stated that the industry also applauded the Finance Minister’s move to permit the private sector to participate in all sectors under the new Public Sector Enterprise Policy.
“We appreciate the government’s decision to open up all sectors to private enterprises whereby creating a level playing field which will result in increased productivity and attracting more investments,” he said.
He lauded the government for taking care of the migrants’ interest by allocating additional funds to the tune of Rs 40,000 crore to generate employment opportunities during monsoon as well.
He added that the increased investments at the grassroots for health and wellness centers both at rural and urban levels are long-awaited measures.
Hiranandani stated that use of technology-driven education was high on the agenda of ASSOCHAM and, therefore, the announcements by the government to launch multi-mode technology initiatives for online education will see education reaching grass-root levels.
He said that the Central government’s decision to allocate additional resources of Rs 4.28 lakh crore to the states will help them become better equipped to face the pandemic.