CONCILIATION MECHANISM FOR QUICK RESOLUTION OF CONTRACTUAL DISPUTES

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By TN Ashok

New Delhi, Feb 01 2021 :  The Finance Minister Ms. Nirmala Sitharaman today outlined plans for reforms in ease of doing business for those who deal with Government or CPSEs, and carry  out contracts, by setting up a Conciliation Mechanism and mandate its use for quick resolution of contractual disputes. This will instill confidence in private investors.

She said that this is one of the six pillars of the budget i.e. of Minimum Government, Maximum Governance. Ms., Sitharaman stated that the forthcoming Census could be the first digital census in the history of India and has been allocated Rs. 3,768 crore in the year 2021-2022.

 Ms Sitharaman said that the Government has introduced the National Commission for Allied Healthcare Professionals Bill in Parliament, with a view to ensure transparent and efficient regulation of the 56 allied healthcare professions. Additionally, to bring about transparency, efficiency and governance reforms in the nursing profession, The National Nursing and Midwifery Commission Bill will be introduced by the government for passing, she added presenting the Union Budget for FY 2021-22 in parliament today.

The Finance Minister said that the Government has taken a number of steps to bring reforms in Tribunals in the last few years for speedy delivery of justice. Continuing with the reform process, it is now proposed to take further measures to rationalize the functioning of Tribunals, the Minister said.

Goa is celebrating the diamond jubilee year of the state’s liberation from Portuguese rule. Smt Nirmala Sitharaman said that the Centre will give a grant of Rs. 300 crore to the Government of Goa for the celebrations.