Mains Paper 3: Economy | Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth
From UPSC perspective, the following things are important:
Prelims level: Ease of doing business
Mains level: Aim of the ordinance.
Ordinance on commercial disputes
- The government has approved an ordinance to amend a law for faster disposal of commercial disputes
- The ordinance will amend the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act
Aim of the ordinance
- Government is seeking to improve India’s ranking in the ease of doing business index
What about the pending bill?
- The proposed ordinance will replace the pending bill
- It would bring down the time taken from the present 1,445 days in resolution of commercial disputes of lesser value
Ease of doing business index
- Economies are ranked on their ease of doing business, from 1–190. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm
- The rankings are determined by sorting the aggregate distance to frontier scores on 10 topics, each consisting of several indicators, giving equal weight to each topic
- The rankings for all economies are benchmarked to June 2017