This paper is published in Volume-8, Issue-2, 2022
Area
Economics and Law
Author
Dr. Ravikiran Ramanand Garje
Org/Univ
K. C. College, Mumbai, Maharashtra, India
Pub. Date
15 April, 2022
Paper ID
V8I2-1283
Publisher
Keywords
PPP-Purchasing Power Parity, GDP-Gross Domestic Product (National Income), PCI – Per Capita Income, FDI-Foreign Direct Investment, FII-Foreign Institutional Investment, UJPSC-Union Judicial Public Service Commission, SJPSC-State Judicial Public Service Commission

Citationsacebook

IEEE
Dr. Ravikiran Ramanand Garje. Role of judiciary in Indian economy & economic cost of delay in justice, International Journal of Advance Research, Ideas and Innovations in Technology, www.IJARIIT.com.

APA
Dr. Ravikiran Ramanand Garje (2022). Role of judiciary in Indian economy & economic cost of delay in justice. International Journal of Advance Research, Ideas and Innovations in Technology, 8(2) www.IJARIIT.com.

MLA
Dr. Ravikiran Ramanand Garje. "Role of judiciary in Indian economy & economic cost of delay in justice." International Journal of Advance Research, Ideas and Innovations in Technology 8.2 (2022). www.IJARIIT.com.

Abstract

At present India is said to be the third-largest economy in the world in terms of PPP (Purchasing Power Parity). Our service sector is growing rapidly and contributes around 56 % of the national income. To maintain a high growth rate of national income, our law & order, particularly the judiciary needs to improve then only FDI, FII, trade, and industry will get legal protection to develop. Delay in court cases creates fear in the minds of trade and commerce. The common public is scared to approach the police and judiciary. There is a huge cost to the economy, around 1.5 to 2 % of GDP, due to delays in court cases. Due to the inefficiency of the police and judiciary, people are taking the law into their hands, and the cost to handle such a lawless situation is extremely high in our country. This paper tries to identify such costs and remedies to improve the Indian judiciary.