Cabinet nods to amend law for speedy disposal of commercial disputes: Law Min

Note4students

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.


News

Ordinance on commercial disputes

  1. The government has approved an ordinance to amend a law for faster disposal of commercial disputes
  2. The ordinance will amend the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act

Aim of the ordinance

  1. Government is seeking to improve India’s ranking in the ease of doing business index

What about the pending bill?

  1. The proposed ordinance will replace the pending bill
  2. It would bring down the time taken from the present 1,445 days in resolution of commercial disputes of lesser value

Back2basics

Ease of doing business index

  1. 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
  2. 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
  3. The rankings for all economies are benchmarked to June 2017
Industrial Sector Updates – Industrial Policy, Ease of Doing Business, etc.
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