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24 OCT,2022 | MEDC
The government plans to introduce a Bill aimed at enhancing the ease of doing business in India. Its key feature will be reducing the punitive measures for a range of minor offenses from imprisonment to fines. For example, in case of non-compliance with CSR, failure to spend the required amounts attracted a maximum sentence of three years imprisonment. This has been replaced by a penalty, which is, however, steep enough to ensure compliance. But this approach has its drawbacks. Over time, Indian companies may begin to view penalties, no matter how steep, as an acceptable cost of doing business, rather than as a deterrence to compliance. If that happens, India may become an easier place for conducting business, but ethical companies from around the world will think twice before setting up shop here. The cure may be worse than the disease.
*Picture Credit: Google
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Interactive Meeting with Mr. Jaykumar Rawal Hon'ble Minister for Tourism & Employment Guarantee Scheme Govt. of Maharashtra