The government is looking to introduce a new holistic decriminalisation bill to amend burdensome provisions in laws related to businesses in Parliament’s winter session, Commerce and Industry Minister Piyush Goyal said on Friday.
Decriminalising sections of various laws will end the harassment faced by businesses and reduce compliance burden, Mr. Goyal said, seeking ‘quick’ industry feedback on problematic areas that can be covered in the proposed Bill.
“We have already decriminalized several laws like sections of the Companies Act. Similarly, we are working on many other laws currently and the Department for Promotion of Industry and Internal Trade is spearheading this in consultation with other ministries,” he said at the PHD Chamber of Commerce and Industry annual general meeting.
“We would like feedback on further reducing compliances and decriminalising sections that are being misused or are not very necessary and can be converted into a fine or some other action. So that you can focus on business rather than compliances,” he concluded.
Despite the global turmoil, India remains one of the fastest growing economies and has ‘reined in’ inflation numbers to ‘significantly low’ levels compared to the rest of the world, the Minister said.