New Delhi: The Lok Sabha on Monday passed two Bills--The Factoring Regulation (Amendment) Bill, 2020 and The National Institutes of Food Technology, Entrepreneurship and Management Bill, 2021 by voice vote and without discussion amid ruckus by the Opposition over various issues, including Pegasus row, inflation and new farm bills.
Moving The Factoring Regulation (Amendment) Bill, 2020 for consideration and passing, Finance Minister Nirmala Sitharaman said it is a very important Bill and MSMEs will be benefitted through this legislation.
As per the statement of objects and reasons of the Bill, the amendments are expected to help micro, small and medium enterprises significantly, by providing added avenues for getting credit facility, especially through Trade Receivables Discounting System. Increase in the availability of working capital may lead to growth in the business of the micro, small and medium enterprises sector and also boost employment in the country.
The Bill was introduced in Lok Sabha on September 24 last year and seeks to liberalise the Factory Regulation Act of 2011 by widening the scope of entities involved in the factoring business.
The Bill was passed today by the Lok Sabha by voice vote and without discussion.
The National Institutes of Food Technology, Entrepreneurship and Management Bill, 2021 was also passed today by voice vote and without discussion amid ruckus by the Opposition over various issues, including Pegasus row, inflation and new farm bills.
Food Processing Industries Minister Pashupati Kumar Paras moved The National Institutes of Food Technology, Entrepreneurship and Management Bill, 2021 for consideration and passing.
The Bill seeks to declare two institutes, National Institute of Food Technology Entrepreneurship and Management at Kundli, and the Indian Institute of Food Processing Technology at Thanjavur as institutes of national importance.
The Rajya Sabha had passed this Bill in March this year.
After the passage of two Bills, Rama Devi, who was in the Chair, adjourned the House for the day. (UNI)
