Two major bills passed in Lok Sabha amid uproar


Despite pandemonium, the Lok Sabha successfully passed two important bills—“National Institutes of Food Technology, Entrepreneurship and Management Bill, 2021” and “Factoring Regulation (Amendment) Bill, 2021”. Speaking on the Factoring Regulation (Amendment) Bill, 2021, finance minister Nirmala Sitharaman said, “the bill simplifies the definition of factoring business, in which banks, or Non-Banking Finacial Companies (NBFCs), or any business entity is involved.
She added that the process of sale and acquirement of factors are simplified in this bill and it widens the scope for the involvement of entities in factoring business.Food Processing and Industries Minister Pashupati Kumar Paras moved National Institutes of Food Technology, Entrepreneurship and Management Bill, 2021 and it was also passed in the Lok Sabha. The bill offers provisions for certain institutes of food technology, entrepreneurship and management for example Indian Institute of Food Processing Technology at Thanjavur and National Institute of Food Technology Entrepreneurship and Management at Kundli and the as institutions of national importance. Interestingly these bills were passed without any discussion.

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