The Public Trust (Amendment of Provisions) Bill, 2022 introduced in Lok Sabha

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

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