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Unto the breach

The Insolvency and Bankruptcy Code (IBC), which was enacted in May 2016, is a critical link in a chain of steps initiated since 1991 to transition India to a market economy. The first set of reforms lowered entry barriers and thereby expanded sectors such as aviation. The early reforms however didn’t provide for exit options. This led to enormous misallocation of resources and lost opportunities as zombie firms took up scarce resources. IBC is the best possible solution. On Wednesday, the Cabinet approved eight amendments to IBC aiming to safeguard the Code’s underlying spirit. A key aim of the Code is to induce behavioural change, particularly among promoters. Continued ownership following default of debt obligations is no longer guaranteed. One consequence of this aim is a spate of litigations. Insolvency likely has the single largest body of case laws. Some judicial interpretations seem to create doubt rather than clarify. In others, interpretation appears to ...
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National Education Policy, 2020 Why in News Recently, the Union Cabinet has approved the  new National Education Policy (NEP), 2020  with an aim to introduce several changes in the Indian education system -  from the school to college level. §   The NEP 2020 aims at making  “India a global knowledge superpower”. §   The Cabinet has also approved the  renaming  of the Ministry of Human Resource Development to the  Ministry of Education. §   The NEP cleared by the Cabinet is  only the third major revamp of the framework of education  in India since independence. o     The  two earlier education policies  were brought in  1968 and 1986. Key Points §   School Education: o     Universalization  of education from  preschool to secondary level  with  100% Gross Enrolment Ratio (GER)  in school education by  2030. o     To bring 2 crore o...
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