Union Finance Nirmala Sitharaman, in Monday (July 22) introduced the Economic Survey 2023–24 and its statistical appendix in the Lok Sabha. This is in advance of the Union Budget 2024 being presented during the Parliament's Monsoon Session on July 23.
The budget session started today, July 22, 2024, when sitting Finance Minister Nirmala Sitharaman gave a list of initiatives the government has taken for the greater good of the public.
Staffing of the NCLAT
Shashi Tharoor, MP from Thiruvananthapuram, replied on FM's speech that 'she has given a laundry list of initiatives but overlooked a crucial issue, Tharoor stated that 67 per cent of pending litigation relating to the insolvency has exceeded the 270-day timeframe
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Tharoor added that all 5 southern states, including Tamil Nadu, Kerala, Karnataka, Telangana, and Andhra Pradesh, have one NCLAT in Chennai to cater to their corporate disputes. This NCLAT also serves two union territories, namely Puducherry and Lakshadweep.
The FM went on while addressing the house, saying that the corporate affairs ministry, until June 15, 2024, has registered 6294 applications for withdrawals filed in front of various courts.
Announcement ease of doing Business
The major development in FM's speech was the decriminalization of 63 major pending offenses.
The FM sitharaman went on to say about reforms by SEBI: Where other asian countries cannot settle trades in T+4, T+5 and T+6, we have successfully implemented a T+2 settlement and ongoing implementation of T+1 settlement is remarkable step forward'.
Sitharaman also added the fee that is being charged to the corporation, the companies under 15 lakh of authorised capital will not be charged this fee to embrace the culture of ease of doing business.
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