Reforming Governance for Ease of Doing Business
- Globally, potential investors look at a country’s Doing Business Report (DBR) ranking.
- Sustained measures taken have resulted in steadily improving India’s position in World Bank’s Doing Business Report rank from 142 in 2014 to 63 in 2019
- This included streamlining processes such as granting of permits and clearance, self-certification and third party certification among others.
- Government is working on a mission mode on the next phase of Ease of Doing Business Reforms relating to easy registration of property, fast disposal of commercial disputes and simpler tax regime for making India one of the easiest places to do business.
Recent Corporate Law measures to boost Measures for Ease of Doing Business
- In the first phase of decriminalization of Company Law defaults in 2018, 16 compoundable offences were shifted to an in-house adjudication & penalty mechanism.
- Integrated Web based Incorporation Form – Simplified Proforma for Incorporating Company Electronically Plus (SPICe +) introduced which extends 10 services of different Ministries and one State Government through a single form.
- Databank of Independent Directors launched
- Withdrawal of more than 14,000 prosecutions under the Companies Act, 2013.
- Rationalization of Related Party Transaction related provisions.
- Timely Action during COVID–19 to reduce compliance burden under various provisions of the Companies Act,2013 as well as enable Companies conduct Board Meetings, EGMs & AGMs, Rights issue by leveraging the strengths of Digital India.
- In 221 resolved cases, 44% Recovery has been achieved since inception of IBC, 2016
• Admitted claims amount to Rs. 4.13 Lakh crores
• Realizable amount is Rs. 1.84 Lakh crores - Under IBC, 13,566 cases involving a total amount of Rs. 5.01 lakh crores (approx.) have been withdrawn before admission under provisions of IBC till 29th Feb 2020.
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