Recent Economic Reforms — Policy Reforms

Entry	Year	Description	Impact
IBC (Amendment) Ordinance	2018	Introduced Section 29A, disqualifying certain defaulting promoters from bidding for their own stressed assets.	Prevented 'evergreening' of loans and ensured that only credible resolution applicants could acquire stressed companies, strengthening the integrity of the IBC process.
IBC (Amendment) Act	2019	Mandated a strict 330-day timeline for the completion of the Corporate Insolvency Resolution Process (CIRP), including litigation.	Aimed to expedite resolution, reduce delays, and enhance the predictability of the insolvency process, though practical implementation often faces judicial delays.
IBC (Second Amendment) Act	2020	Introduced the pre-packaged insolvency resolution process (PPIRP) for MSMEs, allowing debtors to retain control during resolution.	Provided a faster, cost-effective, and less disruptive insolvency mechanism specifically tailored for MSMEs, crucial during the COVID-19 pandemic.
Code on Wages	2019	Consolidated four existing laws, universalizing minimum wage coverage and introducing a national floor wage.	Aimed to ensure minimum wages for all workers and reduce regional disparities, simplifying wage administration across sectors.
Industrial Relations Code	2020	Consolidated three laws, raising the threshold for requiring government permission for retrenchment/closure to 300 workers.	Increased labour flexibility for larger establishments, aiming to attract investment and formalize employment, though criticized by unions for diluting worker protections.
Companies (Amendment) Act	2020	Decriminalized various minor offenses under the Companies Act, 2013, and introduced provisions for producer companies.	Reduced the burden of compliance for companies, fostering ease of doing business by shifting from criminal penalties to monetary fines for less serious violations.