India aims to become the arbitration hub
Taru Bhatia | November 3, 2016 | New Delhi
By December-end, the ministry of corporate affairs will launch Simplified Proforma for Incorporating a Company Electronically (SPICE), an e-form that will eliminate the need to fill multiple forms by business entities in India, Ramesh Abhishek, secretary, Department of Industrial Policy and Promotion (DIPP) said at a FICCI event on Wednesday.
He said that the main objective of launching SPICE is to provide speedy incorporation related services within a stipulated time-frame, in line with international best practices. The measures are part of improving ease of doing business in India.
He further added that enforcement of contracts is another challenged faced by corporate sector in the country. “We have commercial benches in high courts and ranks are improving in enforcement of contracts. But we still have a long way to go.
Hence, we are planning to set up more commercial courts next year and make them paperless, that would include e-courts, e-filing, e-services and uploading of orders on the internet.”
India aims to become the arbitration hub and was working towards it, the secretary said, adding that with the insolvency and bankruptcy code 2016 and GST roll-out next April, the business environment will improve in India.
Speaking about performances of states, the secretary mentioned that the DIPP recently ranked states on 340 parameters on ease of doing business. “Up to 15 states have crossed 75 percent and 12 states have got score more than 91 percent. This shows that states are working hard, along with the central government, to improve their processes and procedures on ease of doing of business.” Soon a feedback mechanism would be included in the state rankings, he added.
“Demonetisation has created an entire system of digitisation and financial inclusion,” said PK Gupta, managing director (Retail and Digital Banking), State Bank of India, at the launch of the Governance Now India Financial Inclusion Case Book in Mumbai on Friday. He further stated though there
When Bhupen Gurung from the Royal University of Bhutan told the audience at the TERI School of Advanced Studies, New Delhi, about dropping levels of poverty in Bhutan, many public policy academicians were left intrigued. Coming from the ‘Land of Happiness’ (Bhutan ranked 97 among 155 countr
An IPS officer of Tamil Nadu cadre holding the post of assistant superintendent of police was caught cheating, using high-tech gadgets, while appearing in the IAS examination in October, as was widely reported in the media. The case has shaken the conscience of the enlightened citizenry and shows the rot t
Manufacturing will remain the dark horse for the Indian economy, especially as labour-intensive industries shift from China, writes Sukhgeet Kaur, director, project appraisal and management division, Niti Aayog in an official
Vishwa Hindu Parishad (VHP) working president Pravin Togadia is in the news after a long time. This week, Togadia went `missing` for an entire day as the Gujarat and Rajasthan police were on the lookout for him, arrest warrant in hand. Togadia was later brought to a hospital in an unconscious state. At a p
Of late, there have been some anxious moments for broadcasters and no one knows where it’s been coming from, and why it’s happening. For starters, the ministry of information and broadcasting is the licensor for TV channels, in two categories: (i) news and current affairs (&lsquo