GDP may shrink 7.5% this fiscal; policy reforms imperative, says former CEA Arvind Virmani
There is a need to re-accelerate the economic growth. Indian economy is likely to contract to 7.5 per cent in 2020-21. But it will grow in double-digit in the next fiscal year, he said
PTI | January 29, 2021 | Updated 16:33 IST
Recently, Moody s Investors Service revised upwards its GDP forecasts for India to (-) 8.9 per cent contraction in 2020 as the economy reflates after a long and strict nationwide lockdown but had said the recovery is patchy
Indian economy is likely to contract 7.5 per cent in the current fiscal but will see a double-digit growth in 2021-22, former chief economic adviser Arvind Virmani said on Wednesday.
Read more about Banks vote in favour of Piramal offer for DHFL, see holes in Oaktree bid on Business Standard. With this Piramal succeeds in getting the requisite 66 per cent voting, says source
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Recently, the Government extended suspension of insolvency proceedings till 31st March, 2021. On 24th September, 2020, Rajya Sabha passed The Insolvency and Bankruptcy Code (Second Amendment) Bill, .
Panel recommends changes to Insolvency and Bankruptcy Code through an ordinance: Report
The panel, led by Insolvency and Bankruptcy Board of India (IBBI) chairperson MS Sahoo, has invited public comments on the proposed amendments. January 09, 2021 / 10:02 AM IST
A panel of experts has suggested changes to the Insolvency and Bankruptcy Code (IBC) through an ordinance, which would enable corporate turnaround plans to be negotiated outside tribunals.
The panel said it is the right time to allow pre-packaged resolution schemes, Mint reported. Such schemes are negotiated outside bankruptcy tribunals and later placed before a judiciary for approval. The code may be amended quickly, preferably by an ordinance, to provide for the formal part of pre-pack. The code may make a skeletal provision enabling pre-pack, while the informal part could be left to market practice or guided by self-regulation, guidelines and best practices, the newspaper quoted the panel s report as saying.