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Insolvency Reforms Propel India's $55 Trillion Economic Vision
9 Aug
Summary
- India projected to become world's 3rd largest economy by 2030
- Insolvency reforms crucial for economic resilience and growth
- Visionary proposals for next-generation insolvency policies
As of 2025, India is the world's fourth-largest economy and well on its way to becoming the third-largest by 2030, with its GDP projected to reach $7.3 trillion. Positioned at a critical juncture in its economic journey, the nation is focused on consistent policymaking and far-reaching reforms to realize its aspiration of becoming a "Viksit Bharat" (Developed India) by 2047.
In his latest book, "Corporate Insolvency -- The Road to Viksit Bharat: Law, Policy and Practice," veteran insolvency expert Sumant Batra argues that a robust insolvency regime is intrinsically connected to India's economic growth. Batra advocates aligning the insolvency discourse with national aspirations and proposes forward-looking, visionary reforms to position India as a global insolvency hub.
The book critically examines the effectiveness of corporate insolvency resolution and liquidation processes, as well as the institutional architecture supporting the Insolvency and Bankruptcy Code (IBC). It also presents bold and unconventional policy recommendations, including economic empowerment of municipal corporations, a municipal debt restructuring framework, and the integration of climate change considerations into the insolvency ecosystem. If implemented, these initiatives could enable India to capitalize on the unprecedented opportunity to emerge as a $55-trillion economic powerhouse by its centenary year.
