Decriminalization of companies act would facilitate ease of doing business In India: ASSOCHAM

New Delhi: The Industry is elated with the fifth and final tranche of measures announced by the finance ministry today 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, stated Dr. Niranjan Hiranandani, President, ASSOCHAM.

According to Dr. Hiranandani, 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 to come out with these measures which would relieve the small and micro businesses from total closure,” He said.

Dr. Hiranandani stated that the industry also applauds 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 crores 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 looking at the situation, we are in today.

Dr. Hiranandani stated that use of technology-driven education was high on the agenda of ASSOCHAM, therefore, the announcements by the government to launch of multi-mode technology for online education will see education reaching grass-root levels.

He said that the Central government’s decision to allocate additional of Rs 4.28 lakh crore to the states will help them be better equipped to face the pandemic.

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