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  3. Govt to soon finalise the Bankruptcy code, litigation and arbitration law: FM

Govt to soon finalise the Bankruptcy code, litigation and arbitration law: FM

19 Aug 2015 Evaluate

Moving a step further in the government’s policy of improving the ease of doing business in the country, the government will soon finalise three new important laws - the litigation policy, the bankruptcy code and an arbitration law. Finance Minister Arun Jaitley stated that the litigation policy is more or less ready, after being cleared by a small informal group of ministers. The bankruptcy code was to be ready by the end of July and it's going to be ready any of these days. The arbitration law is already cleared by Cabinet and it will be introduced in Parliament. So, all the three are ready.

Jaitley further stated that when legal reforms are involved, it's not merely between the litigant or the industry at one hand and the government on the other, but there is a third agency which is the courts. Therefore, courts not being a part of the legislative process, are only interpreters of the legislative decisions.

India is ranked at 142th position in terms of ease of doing business among the 189 nations that the World Bank ranks. In 2015, of the 10 parameters that the World Bank considers while giving final cumulative rankings, India improved on only one, protecting minority investors, while it came close to the bottom in two categories. It stood a wretched 184th in the category “Dealing with Construction Permits,” and 186th in “Enforcing Contracts.”  According to World Bank getting construction permits in India involved an average of 25 procedures that took 186 days, and cost 28 per cent of the warehouse value. Enforcing contracts took 46 procedures and 1420 days - nearly four years. Getting electricity took 106 days and registering a property took 47 days.

India plans to improve its position in terms of ease of doing business to 50th by 2017.  World Bank President Jim Yong Kim had in July last year said India could jump 50 spots by just implementing the Gujarat model of reforms. According to the World Bank report, the overall ease-of-doing-business ranking tells only part of the story, and so do changes in rankings.

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