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When was the 'Vivad se Vishwas II (Contractual Disputes)' scheme announced by the Union Finance Minister?
Union Budget 2020-21
Union Budget 2021-22
Union Budget 2022-23
Union Budget 2023-24
Union Budget 2023-24
The Union Finance Minister introduced the Vivad se Vishwas II (Contractual Disputes) scheme in the Union Budget 2023-24 to settle pending contractual disputes involving government undertakings.
The scheme was launched to address the buildup of litigation between government agencies and private contractors, which often hampers project implementation and locks up capital. By providing a standardized settlement mechanism, the government aims to de-clutter courts and tribunals while easing the cost of doing business. It builds upon the success of the original Vivad se Vishwas Act of 2020, which focused on direct tax disputes. This initiative is part of the broader government strategy to improve contract enforcement and investor confidence in India.
The Ministry of Finance, currently headed by the Union Finance Minister, is responsible for the Union Budget under Article 112 of the Indian Constitution, which mandates the 'Annual Financial Statement'. The settlement process for such disputes is also closely linked to the Arbitration and Conciliation Act, 1996, which governs alternative dispute resolution in India.
Scheme Name: Vivad se Vishwas II (Contractual Disputes)
Announced in: Union Budget 2023-24
Primary Objective: Settlement of contractual disputes of Government of India and its undertakings
Platform for Implementation: Government e-Marketplace (GeM) portal
D is correct тАФ The Vivad se Vishwas II (Contractual Disputes) scheme was formally announced by the Union Finance Minister during the presentation of the Union Budget 2023-24.
Remember that 'Vivad se Vishwas' literally means 'from dispute to trust'; think of it as a bridge between the government and private entities to settle legal battles faster than traditional courts.
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