Mains Paper 3: Indian Economy | Issues relating to growth and development.
Prelims: World Bank’s Ease of doing Business
Mains level: This article highlights the steps the government is planning to take to further improve India’s ranking in the World Bank’s Ease of doing Business.
- Days after India jumped 30 positions in the World Bank’s Ease of Doing Business ranking; Law Ministry said the Union government proposed to establish commercial courts in districts to further improve the parameters.
- Legal remedy to commercial disputes and enforcement of business contracts are parameters of the World Bank ranking.
- In terms of ease of enforcing contracts, India jumped from 172 to 164.
- Though the jump in the ranking sounds small, it is substantial given the diversities of laws in our country and the complex demography.
- India’s performance has been varied within the legal framework.
- For example, the World Bank’s ranking marked court system and proceedings in India 4.5 out of a total of 5, but in management of cases, it was 1.5 out of 6.
- India also fared well in alternative dispute redress mechanism and scored 2.5 out of a total of 3 marks.
- The government is proposing amendments to facilitate the establishment of commercial courts, at the district level, in places where the High Courts have ordinary original civil jurisdiction.
- The specified value of commercial disputes would be brought down so as to expand the scope of commercial adjudication effectively and expeditiously.