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Publish Date : 04-Mar-2015

On Saturday, Union Finance Minister Arun Jaitley advocated a procurement law in a move to check wrongdoings by officials in public procurement. In the Lok Sabha while presenting the union budget for the fiscal 2015-16, Jaitley said, “I believe parliament needs to take a view soon on whether we need a procurement law and, if so, what shape it should take.”

Jaitley stated that his government has been in efforts to put the scam, scandal and corruption behind. He favoured an institutional structure that is consistent with the law on international commercial arbitration adopted by the United Nations Commission on International Trade Law in 1985.

The government proposes to introduce a public contract (resolution of disputes) bill to streamline the institutional arrangements, in view of disputes in public contracts, taking long to resolve despite a costly process. Jaitley stated that, “There is a need to tackle lack of common approach in the regulatory arrangements within the different sectors of infrastructure.” Additionally, the government proposed to introduce a regulatory reform in a move to bring in a cogency of approach across sectors of infrastructure.

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