Coordinated action between Govt & Judiciary to boost economy: Survey

Speed Post News Network

New Delhi : The Economic Survey 2017-18 focuses on the need to address the issues of pendency, delays and backlogs in the appellate and judicial arenas towards Ease of Doing Business. These issues, it says, hamper dispute resolution and contract enforcement, discourage investment, stall projects, hamper tax collection, stress tax payers and escalate legal costs.

The Survey suggests coordinated action between government and the judiciary to boost economic activity in the country. Union Finance and Corporate Affairs Minister Arun Jaitley tabled the Economic Survey 2017-18 in Parliament on January 29, 2018.

The Economic Survey notes that India jumped 30 places to break into the top 100 for the first time in the World Bank’s Ease of Doing Business Report (EODB), 2018. The rankings reflect the government’s reform measures on a wide range of indicators. India leaped 53 and 33 spots in the taxation and insolvency indices, respectively, on the back of administrative reforms in taxation and passage of the Insolvency and Bankruptcy Code (IBC), 2016, according to a PIB release.

It also made strides on protecting minority investors and obtaining credit, and retained a high rank on getting electricity, after a 70 spot rise in EODB, 2017, due to the government’s electricity reforms. The Survey, however, says that India continues to lag on the indicator on enforcing contracts, marginally improving its position from 172 to 164 in the latest report.