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Consumption boost
tehelka bureau

s 2019 comes to an end, it is to revive economy
time to review how Indian
economy is fairing as we
step into year 2020. Chief moved up 14 positions to 63rd position ization of technical & procedural viola-
A Economic advisor, Krishna- as compared to 77th position in 2018. tions under Companies Act and reducing
murthi Subsramanian informed on De- India’s leap of 14 ranks in the Ease of the burden on criminal courts & NCLT by
cember 13, 2019 that the government is Doing Business ranking is significant shifting 16 offences sections to monetary
focusing on increasing consumption to considering that there has been continu- penalty regime vide Companies (Amend-
boost economic growth. The Economic ous improvement since 2015 and for the ment) Bill , 2019 notified on July 31,2019.
survey outlined a plan to make India $5 third consecutive year India is amongst The government has introduced “RUN
trillion economy with emphasis on driv- the top 10 improvers. — Reserve Unique Name” web service
ing up investment. On the consumption An Integrated Incorporation Form for name reservation for companies &
side, the government has taken steps to — Simplified Proforma for Incorporat- LLPs, Re-engineering the Process of al-
help the NBFCs and HFCs. ing Company Electronically (SPICe) has lotment of Director Identification Num-
The government provided support been introduced which extends 8 ser- ber (DIN), Zero MCA fee for company
to NBFCs/HFCs under the partial credit vices (CIN, PAN, TIN, DIN, Name, EPFO, incorporation up to 15 lakh authorized
guarantee scheme. The government ESIC and GSTN) from three Ministries capital, Condonation of Delay Scheme
sanctioned support for 4.47 lakh crores through a single form. The De-criminal- (CODS) 2017. It has come out with revised
to NBFCs & HFCs, which includes 1.29
lakh crores for pool buyout of assets.
The CEA informed that within two days
of cabinet approval, 17 proposals worth
more than 7,000 crores approved.
Proposals worth 20,000 crores will be
approved over next two weeks under the
partial credit guarantee scheme.
As per the latest Report in the Resolv-
ing Insolvency Index, India’s ranking
jumped 56 places to 52 in 2019 from 108
in 2018. Recovery rate increased from
26.5 per cent in 2018 to 71.6 per cent in
2019 and time taken in recovery im-
proved from 4.3 years in 2018 to 1.6 years
in 2019. About the achievements in Insol-
vency and Bankruptcy Code out of 21,136
applications filed 9,653 cases involving
a total amount of approx. 3, 74,931.30
crores have been disposed off at pre-
admission stage of IBC. Then 2838 cases
were admitted into Corporate Insolven-
cy Resolution Process (CIRP) out of which
306 cases are closed by appeal/review/
withdrawn. In the 161 resolved cases, the
realizable amount is 1,56,814 crores.
The Ministry of Corporate Affairs (
MCA) Affairs ( MCA) informed that it has
taken several landmark initiatives dur-
ing last one year ( January-November
,2019). India has improved its ranking
on the World Bank’s “Doing Business”
2020 report. As per the report, India has

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