What is the primary objective of the Vivad se Vishwas-2 scheme launched by the government?

1) Provide relief to Micro, Small, and Medium Enterprises (MSMEs) during the COVID-19 period.

2) Resolve disputes involving the government and government undertakings, improving ease of doing business.

3) Settle domestic contractual disputes involving private companies and government organizations

Solution

Vivad se Vishwas-2 scheme launched for settling contractual disputes involving the government and government undertakings. It is aimed at resolving disputes, clearing backlog of litigation, and improving ease of doing business. The scheme applies to domestic contractual disputes involving the Government of India or its organizations.  Government aims to resolve around 500 cases involving Rs 1 trillion under this voluntary settlement scheme. Settlement amounts offered will be up to 85% for court orders and up to 65% for arbitral orders based on specified dates. About Vivad se Vishwas- I The Department of Expenditure, Ministry of Finance, has launched the scheme, “Vivad se Vishwas I – Relief to MSMEs” for providing relief to Micro, Small and Medium Enterprises (MSMEs) for COVID-19 period. The scheme was announced in the Union Budget 2023-24 by Union Finance Minister Smt. Nirmala Sitharaman