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.
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