Chennai, Jan 20: 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 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. (UNI)