On the threshold of major reforms, India is witnessing rapid amalgamation of various constitutional amendments that have paved the road for the nation to move towards a sustainable developing economy. Major reforms, significant initiatives by the government and the emergence of technological implementations are the key factors that have boosted India’s economic prosperity.
Recently, the country witnessed a major reformation in its currency, demonetisation. It enabled more transparency within the monetary system and helped in reducing the volume of black money as well. However, it gave a liquidity shock to the nation but it was a short-term effect.
In the beginning of 2015, the Indian government announced fresh liberalization of Foreign Direct Investment (FDI) rules that opened floodgates for overseas investments in open food retail, private security firms, airlines, defence, education, financial institutions, e-commerce and several other sectors. FDI is considered crucial in India. Although, a large amount of foreign investment will improve the nation’s economic sustainability and it will also strengthen the rupee value against other global currencies.
One of the major reformation in the history of Indian economy is the introduction to GST. It stands for Goods and services tax which will subsume multiple taxes like VAT, Service Tax, CST, excise and additional excise duty, entertainment and luxury tax, etc. It is a single uniform taxation system which will help in eliminating time, cost and effort.
The Transport sector of India has welcomed a new act that got recently passed in the Loksabha. The previously amended Motor Vehicle Act of 1988 is reformed with some new regulations. It’s a draft legislation to amend the Motor Vehicles Act to impose strict penalties on traffic rules violations. Its main objective is to protect the people of India from legal harassment. It is also focused on bringing significant transformation in the transport mechanism and obligations to bring more ease in the sector.
Here’s everything you need to know about the Motor Vehicles Amendment Bill –
- The bill amends the 1988 Motor Vehicle Act to solve issues regarding road safety, third party insurance and public transport regulations.
- It provides unlimited liability for third party insurers in motor vehicle accidents. The amount is 10 lakh rupees in case of death and 5 lakh rupees in case of severe injury.
- The bill comprises of a Motor Vehicle Accident Fund which would provide compulsory insurance cover to the people of India for several accident types.
- The bill emphasizes on e-Governance to improve the delivery services. It includes the online issue of learning licenses, enhancing the license validity, educational qualification parity and many other reforms in the mainstream regulatory framework for motor vehicles.
- The bill proposes a major reform which describes that the guardian will be considered as guilty for traffic violations committed by juveniles. The criminal charges will be imposed on the guardian, while the juvenile will go under judicial trial as per standard JJ act. Also, the registration of the motor vehicle involved will be canceled.
- The bill allows the state government to specify a multiplier for scrutinizing the penalties and fines under this act. The multiplier ratio cannot be less than 1, not more than 10.
- The bill specially focuses on providing ease for physically disabled citizens of India by removing barriers in issuing the driving license for them as well as altering the motor vehicles to make them suitable for handicapped.
- Testing the motor vehicles for approval and certification will get stricter as per the new regulations of Motor Vehicle Amendment Bill. Agencies involved in testing the vehicles are brought under the scrutiny of this bill.
- The bill focuses on creating a National Register for Driving Licenses issued throughout the nation in order to facilitate the strict examination of multiple license issues.
- The bill also proposes to create a National Register for Vehicles Registration in order to keep a significant record of a total number of vehicles for ‘Pollution Under Control’ and other environmental issues.