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What TV doesn't, print can't; we deliver.
The Indian government’s proposal to decriminalise minor and technical offences in various central laws is a welcome step for improving the ease of doing business in the country. The Jan Vishwas Bill 2.0, which is expected to be introduced in the upcoming budget session of Parliament, aims to reduce the compliance burden on businesses and citizens, foster an entrepreneurial spirit, and reform outdated and archaic laws that hamper economic growth.
The bill is the result of an inter-ministerial working group, comprising officials, industry bodies, and experts, that has been working on identifying and rationalising various offences under different laws that can be decriminalised. The group has also suggested incentives for states to adopt similar reforms at the local level, creating a uniform and conducive environment for businesses across the country.
The move to decriminalise minor offences is expected to have multiple benefits for the economy and society. First, it will boost entrepreneurship, as businesses will face less harassment and litigation for trivial matters. This will encourage more people to start and grow their ventures, creating jobs and wealth for the nation. Second, it will attract more investments, both domestic and foreign, as investors will have more confidence and trust in the legal system and the regulatory framework. This will spur innovation and competitiveness, enhancing the quality and productivity of goods and services.
Third, it will lower the compliance costs for businesses and citizens, as they will have to spend less time and money on dealing with legal issues and penalties. This will increase their profitability and disposable income, leading to higher consumption and savings. Fourth, it will ease the burden on the judiciary and the prisons, as the number of cases and inmates will reduce significantly. This will improve the efficiency and effectiveness of the justice system, ensuring speedy and fair trials for serious offences.
The government’s initiative to decriminalise minor offences is in line with its vision of making India a $5 trillion economy by 2024. The country has already made significant progress in improving its ranking in the World Bank’s Ease of Doing Business index, jumping from 142nd in 2014 to 63rd in 2019. However, there is still a lot of scope for improvement, especially in areas such as enforcing contracts, registering property, paying taxes, and resolving insolvency. The Jan Vishwas Bill 2.0 will address some of these challenges and pave the way for further reforms that will make India a more business-friendly and investor-friendly destination.
The bill is also a reflection of the government’s commitment to creating a hassle-free environment for businesses and citizens, as evident from the earlier version of the Jan Vishwas Bill that was passed in 2021. The bill decriminalised several provisions in 19 central laws, including the Companies Act, the Income Tax Act, the Prevention of Money Laundering Act, and the Negotiable Instruments Act. The bill also introduced a mechanism for compounding offences, allowing the parties to settle the disputes amicably without going to court.
The government’s move to decriminalise minor offences is a welcome step for India’s economy and society. It will foster a culture of trust and cooperation between the government and the businesses and between the businesses and the citizens. It will also promote a culture of innovation and excellence, making India a global leader in various sectors. The government should ensure that the bill is passed and implemented in a timely and effective manner and that the stakeholders are consulted and sensitized about the benefits and implications of the reforms. The government should also continue to pursue other reforms that will further improve the ease of doing business and the ease of living in the country.
