Mandira Kala, Aravind Gayam and Vatsal Khullar analyse the key bills pending in India’s parliament that would impact domestic and international businesses
The recently concluded session of the Indian parliament was highly productive. In addition to debating the budget and discussing matters of public importance, parliament passed 17 laws, including laws that address the debt recovery processes for financial institutions, transactions in the real estate sector, and the country’s system for unique identification of individuals who receive government benefits and services.
Several of these laws and bills that are pending will affect the economy and the ease of doing business in India. The current status and main highlights of some of the key ones are discussed below.
INSOLVENCY AND BANKRUPTCY CODE, 2016
STATUS: Passed by parliament in May.
Before the introduction of the Insolvency and Bankruptcy Code, 2016, there were multiple laws regulating insolvency resolution in India. This resulted in delays in the recovery of outstanding debt from defaulters due to a lack of clarity in their provisions. As of 2015, it took over four years to resolve insolvency in India as compared to about one year in countries such as the US and the UK.
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MANDIRA KALA is head of research at PRS Legislative Research, where ARAVIND GAYAM is an analyst and VATSAL KHULLAR an associate analyst. PRS Legislative Research tracks the functioning of the Indian parliament and works with members of parliament from the Lok Sabha and Rajya Sabha across political parties and members of the legislative assemblies of various states.
