New Delhi : The Law Commission has asked the government to immediately update the existing laws to revive the economic growth and accelerate development, lest failure to recognise “symbiotic linkages between law and economy prove very costly to the nation.”
“Laws and legal structures should keep pace with economic liberalisation to avoid legal gaps, inconsistencies and contradictions causing serious impediments to the process of growth and development,” says the commission in its latest report submitted to Union Law Minister Ravi Shankar Prasad by its chairman Justice A P Shah, a retired Delhi High Court chief justice.
It identified 72 obsolete laws for immediate repeal as they unnecessarily create obstacles in the economic growth. This is in addition to 253 irrelevant laws pertaining to trade and commerce, taxes, banking, insurance, land, revenue and energy that it had identified in an earlier report for repeal.
The report says that in fact there are over 700 laws enacted till 2004 that required to be trashed as they have served their purpose. Justice Shah told the minister that the commission is examining another 189 laws to assess the need to repeal or revise them and it would give its recommendations soon.