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VIDEO INTRODUCTION:
Hi everybody,
If you are a UPSC, law or an economics student this is one of the most important case studies you will ever study!! We all know what happened to kingfisher airlines right?? And if you remember, these kinds of defaults and 1000s of crores in losses were not a new thing in India at all!!
But do you realise, even Gofirst in India was and still is struggling, but somehow, bankruptcy turned out to be a good thing for them and they are still in business!! The question is how???
Similarly, in our previous episode, we saw how India was facing a banking crisis in 2017-18 with banks having 1000s of crores in bad debts!!
So India was in such a critical situation that while On one hand, our banks had 1000s of crores in bad debt, we had giant companies that were failing in such a way that the employees lost their jobs, creditors lost their money and the shareholders lost their share value! This is the reason why, in 2016, our former finance minister Arun jaitley made an iconic announcement where he introduced something called the Insolvency and bankruptcy code !!
And this one code alone has been so revolutionary that it saved 3.16 lakh crores for our banks, it saved lakhs of job losses and most importantly, today it has become one of the most important pillars of the Indian economy!!! And this is something that Sanjeev Sanyal speaks about very often!!
This is why, if you are an economics, law or a UPSC student, this Indian bankruptcy code is by far one of the most important policies you will ever study!!!
So, in this economic case study series, today let us deep dive and understand,
What were the problems that were haunting the Indian banking system?
What is the Indian bankruptcy code?
Why is it considered to be one of the most revolutionary policies in Indian history?
And how has it benefited ordinary people like you and me?
✅Study Materials:
economictimes.indiatimes.com/...
www.thehindu.com/news/nationa...
blog.ipleaders.in/laws-on-ins...
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26 апр 2024
