The Public Trust (Amendment of Provisions) Bill, 2022 introduced in Lok Sabha
- Recently, the Public Trust (Amendment of Provisions) Bill, 2022 has been introduced in the Lok Sabha.
- The bill aims to further promote trust based governance for ease of doing business.
- For this, it is proposed to decriminalize and rationalize minor offenses and also to rationalize monetary penalties.
- Through the Bill The Drugs and Cosmetics Act, 1940; Pharmacy Act, 1948; Amendments are being made in the Trade Marks Act, 1999 etc.
The passage of the Amendment Bill will yield the following benefits:
- A large number of cases can be settled by adjudication and administrative machinery without court intervention.
- In cases like minor violations and defaults, individuals would be enabled to resolve them at their own level. This will save time, energy and resources.
Importance of Ease of Doing Business
- Entrepreneurship is extremely important for innovation and asset creation.
- With the reduced regulatory burden, entrepreneurs can devote their time to increasing productivity.
- Better market efficiency and less regulatory burden encourage entrepreneurship.
- It helps in attracting foreign investment by bringing about a change in the mindset of the investors.
- Exports get a boost by improving competitiveness.
Initiatives taken to improve Ease of Doing Business (EODB)
- Government has notified 4 labor laws by rationalizing the relevant provisions of 29 central labor laws.
- Shram Suvidha Portal (SSP) has been developed, which facilitates reporting of inspections and submission of returns.
- Dedicated commercial courts have been set up through the Insolvency and Bankruptcy Code of India. Also, a modern bankruptcy resolution system has been introduced.
Source – PIB