The recent tours of our Indian Prime Minister Narendra Modi to improve the international business models and increase the investments in our country have been much talk of the town these days. This easing of business execution is expected to increase and welcome significant gains and help India scale higher ranks in the enforcing contracts.
Analysing the enforcing contracts, India is ranked 186th among the 189 countries with only Angola, Bangladesh and Timor-Leste placed lower, according to World Bank arm International Finance Corp’s Doing Business Report.
Officials have also complained that the Indian Legal Process is long and tiresome.
YouTube sensation Lilly Singh fondly known as Superwoman who recently toured in Mumbai, Delhi and Hyderabad has also whimpered in her daily vlogs about how arid it is to do business in India. She also expressed her dismay as to how some of the crew couldn’t accompany her because if the visa issues.
On an average, it’s takes almost 40% of the claim, involves around 46 procedures and takes long 1,420 days to resolve a commercial dispute in India.
The Narendra Modi administration, true to its punctuality, is going to initiate enabling district courts to completely switch over to e-management of commercial cases, which includes e-filing of complaints, e-service of summons and digitalisation of judgements.
The plan also includes sensitising district courts about exploring mediation.
Sources in the government acknowledge that there has been little progress on several of the proposals that have been discussed over the past year to improve India’s ranking on enforcing contracts. And it is unlikely that the IFC team misses that, making it tougher for India to make significant gains in the Ease of Doing Business Rankings, as quoted in the Times of India.
Tags: india Narendra Modi
