Sitharaman announces Jan Vishwas Bill 2.0 to decriminalize business laws
What's the story
Finance Minister Nirmala Sitharaman has announced the introduction of the Jan Vishwas Bill 2.0 in her Union Budget 2025-26 presentation in Parliament.
The new legislation seeks to decriminalize over 100 more provisions in existing laws, following the footsteps of its predecessor, the first Jan Vishwas Act of 2023.
The first act had successfully decriminalized over 180 legal provisions, a landmark change in India's regulatory landscape.
Reform strategy
Jan Vishwas Bill 2.0: A shift from criminal penalties
The Jan Vishwas Bill 2.0 will continue the reformative spirit of its predecessor, replacing criminal penalties with civil fines and administrative actions for minor violations.
The first Jan Vishwas Act, which got presidential approval on August 11, 2023, was designed to simplify legal processes, lessen judicial burden, and build trust between businesses and citizens.
It sought to eliminate archaic laws that hinder economic growth while imposing stringent punishments for serious crimes.
Anticipated outcomes
Expected impact of the new bill on entrepreneurship
The upcoming Jan Vishwas Bill 2.0 is expected to boost entrepreneurship, ease compliance processes, and bring India's regulatory framework in line with the fast-changing technological and business landscapes.
This forward-thinking move is viewed as a major step toward creating a more business-friendly environment in the country.
The new legislation highlights the government's dedication to constant legal reform for economic development and ease of doing business.