In the run-up to the Budget 2024, the Government of India's Ministry of Finance has highlighted a number of Budget pledges that were recently fulfilled.
This has been accomplished through a series of tweets emphasizing important government efforts such as speedier settlement of insolvency cases, reclaiming shares and dividends through the IEPF, establishing an investment and infrastructure fund, and establishing a social stock exchange, among others.
These are the pledges delivered, highlighted:
1. Faster resolution of insolvency cases: The government approved the appointment of 20 new members to the National Company Law Tribunal in order to establish a stronger framework for faster resolution of insolvency cases.
According to the notification, the NCLT framework would be enhanced in order to speed up case resolution. The e-courts system will be adopted, along with alternate debt resolution procedures and a particular framework for MSMEs.
2. New LLP Act provisions: The LLP (Amendment) Act, 2021, makes it easier to do business and supports entrepreneurs across the country by decriminalising crimes, establishing an in-house adjudication structure, and introducing Small LLPs.
The LLP Act was enacted by both houses of Parliament and notified following the President of India's assent on August 13, 2021.
The LLP Act of 2008 changed 20 parts, removed three sections, and added seven new provisions.
3. Reclaiming unclaimed shares and dividends: The Investor Education and Protection Fund Authority was established to assist investors in reclaiming unclaimed shares and dividends in a hassle-free manner.
The GoI formed the IEPF on September 7, 2016, to administer investor education and fund protection.
The IEPF is in charge of unclaimed dividends, matured deposits, matured debentures, application money due for reimbursement, and interest thereon, as well as promoting investor education, awareness, and protection.
4. Formation of NIIF: The National Investment and Infrastructure Fund (NIIF) was established as a collaborative platform for international and Indian investors.
NIIF has raised cash from 17 investors in seven countries, including Australia, Canada, the UAE, Singapore, the United States, Japan, and India. The NIIF oversees three funds: the master fund, the fund of funds, and the strategic fund.
5. Establishment of a social stock exchange: Under the jurisdiction of Sebi, a social stock exchange was established as a separate part of an existing stock exchange.
NABARD established a capacity building fund of ₹100 crore with contributions from SIDBI, NSE, and BSE. The fund aims to raise awareness about social stock exchanges and assist non-profit organizations in fundraising through the platform.
6 The government increased the deposit limit for the senior citizens savings plan (SCSS) from ₹15 lakh to ₹30 lakh to provide greater financial stability.
Up to September 2023, SCSS net collection was ₹74,801.73 crore, compared to ₹28,715.44 crore in the previous year.
Other tweets mention GIFT-IFSC, e-bill system, and Infra Finance Secretariat. As part of the 'Ease of Doing Business and Digital India ecosystem', the E-bill system was created to increase transparency and speed up the payment process through transparency, efficiency, and a faceless-paperless payment system.
