Will include ibc panel inputs: Subhash Garg, DEA Secretary

NEW DELHI:Government will soon make the changes suggested by the 14-member law committee in the insolvency and bankruptcy code (IBC), Subhash Garg, secretary department of economic affairs said on Thursday.

Speaking at the Times Network India Economic Conclave, Garg said government will continue to make adjustments to the IBC to encourage competitive participation. “IBC has been very beneficial for bankers and entrepreneurs...government has been responsive to suggestions and has been tweaking the code,” Garg said.

Ramesh Abhishek, secretary, Department of Industrial Policy and Promotion (DIPP) said that introduction of the IBC has helped India improve its rankings by 30 places in the World Bank’s ease of doing business report in his address at the Conclave.


The DEA secretary said part of public sector banks are not contributing to the growth stories but the gap is being filled by the nonbanking system and the corporate bank markets, assuring adequate financing. “India has the capability to become a $10 trillion economy with macro-economic stability, greater global integration which allows flow of trade and services,” Garg added.