File photo of Finance Minister Arun Jaitley.
Promising a slew of reform measures to improve ease of doing business in India, Finance Minister Arun Jaitley today said the government has readied a new law to ensure that disputes get settled through arbitration within six months.
Besides, the draft of bankruptcy law is almost complete and would be soon taken to Parliament for approval, Mr Jaitley told a grouping of international investors with collective Asset Under Management of USD 10 trillion, while rolling out a red-carpet for them to invest in infrastructure, manufacturing and other sectors.
Listing various reform measures undertaken by the government, Mr Jaitley said it has also opened up foreign investment in the infrastructure segment of Railways, which has been a "touch me not sector" so far and a large number of investors are now showing interest.
He also expressed confidence that India's ranking would be much better when the World Bank releases its next ranking of countries in terms of ease of doing business. India was ranked very low at 140th position last year.
"Ease of doing business is still a work in process. Significant advancement has been made, a lot will have to be done of course on a continuous basis.
"On bankruptcy law, the drafting is virtually ready and I intend to take it to the Parliament in the near future. There have been long pending disputes, so a system of fast track arbitration, so that a dispute gets settled within six months, a law is ready and it will be introduced in Parliament.
"Resolution of contracts with regard to public contracts, which has held up several unfinished projects, and therefore one of our priority is to finish those projects, that process itself is on. Allocation of public contracts and public procurement, to bring transparency in the system, on this also a law is being planned," he said.
Mr Jaitley said the road map and priorities of the government has been very clear.
"We have opened up almost all significant sectors of the country, including defence manufacturing. We have settled the long standing issue of insurance sector not adequately opening up. We had to amend the law through Parliament and the sector is now seeing a lot of investments trickling in.
"We have liberalised the norms with relation to real estate, so that the impact is felt in smaller towns and smaller projects too. We have opened up infrastructure as far as railways are concerned.
"I think this was a touch me not sector as far as Indian economy is concerned and therefore induction of a lot of international capital in infrastructure areas of the railways is going to be extremely important," he said.