SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 27 Sep, 2014  

lokpalTHMB.jpg India Inc welcomes passage of Lokpal bill

   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
SME Times News Bureau | 18 Dec, 2013
India Inc. Tuesday welcomed the passage of the Lokpal and Lokayukta Bill in the upper house of parliament, which seeks the creation of an anti-corruption ombudsman throughout the country.

"Setting up of an independent office to probe and prosecute corruption is expected to add transparency and accountability to the decision-making and administrative processes while alleviating systemic malpractices," said S.Gopalakrishnan, president, Confederation of Indian Industry (CII).

"Industry hopes that the entire suite of related legislation including for whistleblower protection and grievance redressal would also be passed expeditiously. The Lokpal Bill would encourage investments and add to investor confidence."

The other leading industry body, the Federation of Indian Chambers of Commerce and Industry (FICCI), said that though it is still studying the bill, the latest legislation can play a positive role in improving confidence across various sections of society and industry.

"FICCI welcomes the passage of the Lokpal Bill in the Rajya Sabha. The endeavour towards enhancing transparency and bringing greater probity in public life would help in the country's overall growth and development," said Naina Lal Kidwai, president, FICCI.

Earlier, FICCI and consultancy major E&Y jointly conducted a survey on "Bribery and Corruption: Ground Reality in India" which found the high negative impact corruption has on foreign direct investments (FDI) inflows and the investment climate in the country .

The latest legislation is the most prominent of the group of anti-graft bills on the anvil. The Lokpal bill seeks to establish a Lokpal at the central level and asks states to establish Lokayuktas within a year's time from the date of notification of the law. The format of the Lokayukta will be left to the state assemblies to decide.

The bill was passed by the Lok Sabha at the fag end of the winter session of 2011 but not by the Rajya Sabha where it was debated but the house was adjourned before voting on it.

A select committee of the Rajya Sabha later suggested changes in the bill which were incorporated and approved by the union cabinet.

Now the bill will again have to be sent to the Lok Sabha for the lower house to approve the changes.

The bill will be taken up in the Lok Sabha Wednesday.

Print the Page Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter