According to the Economic Survey 2018-2019, the functioning of the banking sector has improved due to the decrease in the Non-performing assets (NPAs) and an increase in credit growth. The gross NPAs of the public sector banks have declined from 11.5% to 10.1%, between March 2018 and December 2018.
Recently, the Supreme Court in the case of Adjusted Gross Revenues allowed the telecom companies 10 years’ time to pay the AGR dues to the department of telecommunications. The decision comes after the last years’ judgment which upheld the government definition of AGR calculations. The judgment is important with respect to its detailed and strict plan and its possible impact on the telecom and Banking sector and overall Indian Economy.
Indian judiciary, according to National Judicial Data Grid Statistics, has about 3 crores pending cases. Due to its slow pace, many prefer arbitration to solve the issues of dispute settlement, monetary recovery, etc. To encourage foreign investments and promote ease of doing business, faster judicial procedures and efficient dispute resolution are essential. Provisions to settle disputes through arbitration are provided in Arbitration and Conciliation Act, 1996. This law was amended twice: in 2015 and during the recent parliament session.
Doing Business rankings was forced to be paused following the detection of data irregularities in the previous reports. Following the assessment of previous 5 years’ reports by the internal audit, alterations were found in data from Azerbaijan, the UAE, Saudi Arabia and China in 2018 and 2020 reports. The review process did not identify any further specific data irregularities beyond those affecting these countries. With India currently being at 63rd position, the government is striving towards addressing various hurdles that are preventing the country from reaching the top 50 in this index.