Having consistently improved its score in Ease of Doing Business, there is still a long way ahead for India in making better progress. Explain (200 Words)
Refer - The Business Line
Enrich the answer from other sources, if the question demands.
IAS Parliament 3 years
KEY POINTS
· India’s world ranking, from 142 in 2014 among 190 countries, went up to 130 in 2015, 100 in 2017, 77 in 2018 and 63rd in 2019.
· India was lauded by the World Bank for being among 10 top world reformers, especially for a large country.
· India’s progress has been steered by dramatic improvement in a few parameters, mainly in ‘resolving insolvency’ (from 108 in 2018 to 52 in 2019).
· On this front, the Department of Justice has been monitoring an array of legislative and policy reforms in coordination with e-Committee of Supreme Court and the High Courts of Delhi, Bombay, Calcutta and Karnataka.
· The idea is to ensure fair, well laid out rules, clear laws, reduce litigation involving the government and strengthen commercial dispute resolution mechanism and enforcement of contracts.
· The most significant and decisive step, however, has been to bring legislation repealing the contentious ‘retrospective tax’.
· The Supreme Court upheld the arbitral award of an Emergency Arbitrator in proceedings at the Singapore International Arbitration Centre.
· With one party being a global e-commerce giant and the other being one of India’s largest retail companies, a speedy decision and judgment, could go a long way in further strengthening EoDB.
· India today is the first choice for global investors in the on-going geo-political situation, as evidenced by a record 23 ‘unicorns’ in the country.
