Welcoming the passage of Lokpal Bill in the Rajya Sabha, India Inc said that once enacted it will help weed out corruption, boost investor confidence and expedite the decision making process.
"The Lokpal Bill would encourage investments and add to investor confidence. It would help improve the climate for doing business in the country," said CII President Kris Gopalakrishnan.
"The setting up of an independent office to probe and prosecute corruption is expected to add transparency and accountability to the decision-making and administrative processes while alleviating systemic malpractices," he added.
Gopalakrishnan also said that if implemented in the right spirit, it will help meet India's commitments under the UN Convention Against Corruption ratified in 2011, and due for review in 2014.
Ficci President Naina Lal Kidwai said: "The endeavour towards enhancing transparency and bringing greater probity in public life would help in the country's overall growth and development. The Lokpal Bill could play a positive role in improving confidence across various sections of society and industry."
After abortive attempts for about 40 years, an across- the-board consensus today saw the landmark Lokpal Bill being pushed through successfully in the Rajya Sabha, marking a step forward in the creation of an anti-corruption ombudsman.
The Bill, aimed at tackling the menace of corruption, brings under its purview the Prime Minister with certain safeguards, Ministers and MPs besides government servants.
The Lokpal and Lokayuktas Bill, 2011, which have been pending in the House for the last two years, were approved by voice vote after a five-hour debate.
"The passage of the Lokpal Bill will send a strong message that India is changing with people asserting bottom-up for their right to get a clean and transparent governance," Assocham Secretary General D S Rawat said.
Vice President of PHD Chamber of Commerce Alok Sriram said: "We feel the passage of the Lokpal is a positive step. It will help weed out corruption. People will be able to take decisions without fear or favour, reversing the lethargy which has set in, in the last year or so, which will help companies return to high growth path."
The Bill, which was already passed by the Lok Sabha in December 2011, will now be considered by the Lower House afresh tomorrow as it has undergone a number of changes.