Timely amendments: Govt steps in to deal with IBC's effect on SMEs, realty

The government has set the aim of 'housing for all' by 2022, and thus transparency and security for home-buyers should be a priority

The Union Cabinet approved an Ordinance on Wednesday that amended the new Insolvency and Bankruptcy Code (IBC) in an attempt to fill in some gaps in the system that have been identified. As with the roll-out of the goods and services tax, the government needs to be commended for working swiftly to fine-tune reform that has already been implemented. In particular, the Ordinance seeks to ameliorate the effect of IBC proceedings on the real estate sector and small and medium enterprises (SMEs). Both these sectors are major sources of growth in the Indian economy, and stability and transparency in the