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Advancing Asia Conference: Hope to pass bankruptcy bill, GST this session, says Arun Jaitley

The FM said the passage of GST and bankruptcy and insolvency laws will give “major fillip or push to our reform process”.

gst bill, arun jaitley, asia conference, christine lagarde, imf india, bankruptcy bill, good and service tax bill, business news, india economy, india news Finance Minister Arun Jaitley and IMF MD Christine Lagarde on the concluding day of the ‘Advancing Asia: Investing for the Future’ conference, in New Delhi on Sunday. Amit Mehra

The government hopes to pass the Constitution Amendment Bill for Goods and Services Tax (GST) and the bankruptcy and insolvency bill in the second half of the Budget session, finance minister Arun Jaitley said on Sunday.

“The current session of Parliament has already seen one landmark legislation two days ago and I do hope to see another two being passed in the second part of the session with regard to the bankruptcy and insolvency laws and GST,” Jaitley said at the ‘Advancing Asia Conference’.

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The second half of the session will begin on April 20. The Constitution Amendment Bill for GST is awaiting passage in the Upper House of Parliament, where the government does not have a majority. The bill has already been passed in the Lok Sabha. After it is approved by the Rajya Sabha, the legislation needs to be ratified by half of the 29 states.

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The Insolvency and Bankruptcy Code 2015 is aimed at timely resolution of insolvency and bankruptcy and supporting development of credit markets and encouraging entrepreneurship. The Bill proposes resolution of corporate insolvency within a period 180 days, extendable by 90 days. Currently, there is no single law dealing with insolvency and bankruptcy in India, while liquidation of companies is handled by the high courts, individual cases are dealt with under the Presidency Towns Insolvency Act, 1909 and Provincial Insolvency Act, 1920.

The Parliament had last week passed the Aadhaar Bill, providing statutory backing to the unique identification number for transferring government subsidies and benefits, along with the Real Estate Bill.

The FM said the passage of GST and bankruptcy and insolvency laws will give “major fillip or push to our reform process”.

India has its own share of problems and there is increased determination to face the challenges and internalise the reform process at a faster pace, he said, adding that India is a “bright spot” and the growth potential of emerging markets is higher in the present global situation where uncertainty, worries about levels of growth, geopolitical tensions and Chinese slowdown fears are prevalent.

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“The constituency within India that supports reform is much bigger than those that oppose. Our growth model is based on concerns to eradicate poverty,” he said.

The government has taken a lot of steps to open up the economy and remove unnecessary conditionalities to bring in more foreign investment, he said, adding that there is a broad national consensus for the Indian economy to be strengthened further to attract more foreign investment.

First published on: 14-03-2016 at 12:38:18 am
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