Chennai, Jan 19 (UNI) Amid controversy over Tata Sons
group, Union Finance Minister Nirmala Sitharaman today
said the industry need supervision and not suspicion and
the government was mulling an environment that do not
want a law that would treat every business house with
suspicion.
Stressing the need for industry and the government
should work together to attain the target of USD five
trillion economy, she said "My first and earnest attempt,
which still continues is to decriminalise everything to do
with the Companies Law or the related laws--that very
point about which the Prime Minister keeps talking.
'Yesterday I was very impressed in the Nani Palkhiwala
Memorial Lecture in Mumbai, where the Tata Group's head
Chandrasekharan has asserted that the government should
trust people and its own citizens', she said in a similar
lecture on 'Road Map to five trillion USD Economy' here.
Reassuring that government would take effort to decriminalise
the Companies law, she said there were a number of sections
on criminal approach and penalties, leading to of even jail
terms.
'The government's effort is to decriminalise the Companies
Law, while ensuring that no other Act of the government, be
it the Income Tax or the PMLA will have such an impact.
Asserting that the government did not favour a law that would
treat every business house with suspicion, Ms Nirmala said
this was not the intent of this government at all".
The path to the USD five trillion economy would be a lot more
easier, a lot more matter or trust between the government and
the businesses.
It may be recalled that Mr Chandrasekaran, in his lecture in
Mumbai recently had said that there was micromanagement
and suspicion and what the industry need was supervision
and not suspicion, to which Ms Nirmala responded, while
assuring that their apprehensions were unfounded.
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