Decriminalisation of Cos. Act provisions to make life easier for India Inc.; easing of FDI norms for Air India sale pragmatic: ASSOCHAM

Wednesday, March 04, 2020

New Delhi, 04th March 2020:
Decision by the Union Cabinet to bring amendments to the Companies Act, 2013 before Parliament for de-criminalisation of several civil offences and further easing them is a big way forward towards 'Ease of Doing Business,' said ASSOCHAM secretary general, Mr Deepak Sood. He said, the move towards in-house resolution would cut litigation and boost investor confidence.
 
The ASSOCHAM secretary general also described the decision to make changes in the FDI policy for civil aviation in order to facilitate quicker strategic sale of Air India, as pragmatic. "Permitting 100 per cent FDI by non-resident Indians under automatic route for Air India sale should make privatisation of the debt-ridden airline easier and faster."
 
He also complimented the government for formal Cabinet approval for merger of 10 public sector banks into four, bringing the total number of state-owned banks to 12 from 27. "However, the merger should be followed by reforms in terms of their autonomy and accountability," further said Mr Sood.
 
 
About ASSOCHAM:
ASSOCHAM initiated its endeavour of value creation for Indian industry in 1920. It was established by promoter Chambers, representing all regions of India. Having in its fold over 400 Chambers and Trade Associations, and serving over 4.5 lakh members across India. ASSOCHAM has emerged as the fountainhead of Knowledge for Indian industry, which is all set to redefine the dynamics of growth and development in the Knowledge Based Economy. More information available on www.assocham.org
 
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