Process reforms can improve the administration of India’s voluntary company liquidation pathways.
Economic reform debates usually gravitate toward the big reforms. Reforms—such as tax system overhauls, free trade agreements, and major privatization—usually dominate headlines. These reforms are structural, which make changes to the underlying framework of an economy. Although such reforms are important, they overlook a quieter but equally powerful source of improvement, which we call “process reforms.”
Process reforms are the nuts-and-bolts reforms, often microeconomic in nature, with a specific focus on an individual sector or issue. They are achieved by fixing routine administrative procedures, workflows, regulations and—in…