Confidence Building Measures for Business through Jan Vishwas Law
BW Businessworld|August 26, 2023
INVOCATION OF ‘animal spirits’ in businessmen and entrepreneurs has been the cherished quest of all governments. It is imperative to promote investments and fire up demand – both essential for promoting economic growth.
Raghav chandra
Confidence Building Measures for Business through Jan Vishwas Law

What has hitherto held this back is the perception of acute vulnerability by businesses – that even the smallest infraction, no matter how involuntary, can land them in jail. The Jan Vishwas law is meant to assuage such apprehensions. The provision of criminal liability embedded in many laws was an offshoot of a colonial mindset, that persisted even post-independence – viewing private enterprise with suspicion. We are now undoing the shackles of the past and making a brand-new beginning in the right direction.

A total of 183 provisions will be decriminalised in as many as 42 Central Acts administered by 19 ministries and departments. Decriminalisation is proposed to be achieved either through removal of the imprisonment penalty completely or by converting it into a monetary-fine based compounding provision. An attempt is also being made to ensure that the degree of punishment is commensurate with the severity of the offence.

Removal of penal provisions with the imprisonment clause will also be positive news for companies that are presently confronted by the scourge of notices that carry threats of arrests of their key management personnel for the slightest default. Notices to directors ultimately affect the public global image of the company, especially with stringent SEBI listing obligations and disclosure guidelines.

Not just private enterprise, but the logjam of more than 50 million cases in judicial pendency will be the biggest beneficiary of this new dispensation. Currently, criminal consequences prescribed for technical/procedural lapses and minor defaults compel the justice delivery system to be clogged as companies

This story is from the August 26, 2023 edition of BW Businessworld.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the August 26, 2023 edition of BW Businessworld.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM BW BUSINESSWORLDView All
Gauging Trumponomics For India
BW Businessworld

Gauging Trumponomics For India

Despite some shortto mediumterm headwinds in trade and immigration, the broader Indo-US vision of counterbalancing China’s influence is expected to ensure continued cooperation under Trump 2.0

time-read
2 mins  |
November 16, 2024
Reflections on Consciousness and Creation
BW Businessworld

Reflections on Consciousness and Creation

Indian-American DEEPAK CHOPRA on the nature of the universe, the digital fabric of existence, and the power of a conscious mind

time-read
2 mins  |
November 16, 2024
MORE TAKE TO DRIVING IN STYLE
BW Businessworld

MORE TAKE TO DRIVING IN STYLE

High-end luxury vehicles are no longer part of a niche market, but a rapidly expanding segment of automobile sales, driven by changing consumer preferences, rising disposable incomes and better infrastructure

time-read
4 mins  |
November 16, 2024
India's Growing Affinity for Swiss Watches: A Luxury on the Rise
BW Businessworld

India's Growing Affinity for Swiss Watches: A Luxury on the Rise

NDIA'S ROBUST ECONOMIC growth, projected to exceed 6 per cent in 2024 and 2025, is fostering a rising demand for aspirational products. As disposable incomes increase, particularly among the expanding middle class, luxury goods such as Swiss-made watches are gaining popularity.

time-read
2 mins  |
November 16, 2024
An ENRiching Outlook
BW Businessworld

An ENRiching Outlook

KPMG's latest report shows energy CEOs being optimistic about the sector's outlook. ANISH DE, Global Head, ENRC, KPMG speaks to BW Businessworld's Arjun Yadav on what's driving this confidence

time-read
2 mins  |
November 16, 2024
Paving the Path to a Sustainable Future
BW Businessworld

Paving the Path to a Sustainable Future

Salesforce's ESG journey has made an impact beyond the company. SUNYA NORMAN, SVP of ESG Strategy and Engagement at Salesforce, shares more on how the tech giant integrates sustainability into its core operations, supporting global goals while empowering employees

time-read
2 mins  |
November 16, 2024
LEADERSHIP TRANSITION AT XIAOMI INDIA
BW Businessworld

LEADERSHIP TRANSITION AT XIAOMI INDIA

Xiaomi India is experiencing a leadership evolution, beginning with Muralikrishnan B's departure as President by the end of 2024. This change underscores Xiaomi's shift towards nurturing local talent amidst dynamic global shifts. The story tracks key transitions from Manu Kumar Jain's leadership to Muralikrishnan B's impactful tenure, along with recent strategic hires, highlighting Xiaomi's alignment towards market adaptability and consumer focus

time-read
3 mins  |
November 16, 2024
WEAVING SUSTAINABILITY
BW Businessworld

WEAVING SUSTAINABILITY

Once a modest home textile manufacturer, Jindal Worldwide has evolved into a vertically integrated textile powerhouse, spanning critical segments of the yarn and fabric value chain

time-read
1 min  |
November 16, 2024
FORCE FOR GOOD
BW Businessworld

FORCE FOR GOOD

FY24 saw capacity expansions for Century Enka in nylon and polyester segments, along with investments in modernisation, renewable energy, and safety initiatives

time-read
1 min  |
November 16, 2024
REIMAGINING TOMORROW
BW Businessworld

REIMAGINING TOMORROW

For V-Guard, tomorrow signifies progress, driven by today's actions, setting the foundation for future growth and value creation for all stakeholders

time-read
1 min  |
November 16, 2024