💨 Abstract

The Economic Survey recommends improving the insolvency framework to achieve 7-8% economic growth over the next decade. It suggests higher costs for frivolous applications and reforms to speed up resolution processes under the Insolvency and Bankruptcy Code (IBC). The Survey notes that the IBC has positively impacted the banking sector, with around Rs 3.6 lakh crore recovered through resolution of stressed assets.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖