In the last five years, we re-imposed macro-economic stability while building lasting frameworks for economic governance. These frameworks include the Insolvency & Bankruptcy Code, inflation-targeting, nationwide Goods & Services Tax, and the banking sector clean-up.

The 2019 manifesto's reference to the Insolvency and Bankruptcy Code is a claim about the past, not a promise about the future: the frameworks built in the previous term "include the Insolvency & Bankruptcy Code, inflation-targeting, nationwide Goods & Services Tax, and the banking sector clean-up."

As a factual claim, it is correct. The Code was enacted in 2016 and it did replace a patchwork — the Sick Industrial Companies Act 1985, the Recovery of Debts Act 1993, the SARFAESI Act 2002 and the Companies Act 2013 all carried fragments of insolvency law and none provided a single time-bound process. The Ministry of Corporate Affairs describes the result: the Code "has established four pillars of insolvency namely the Insolvency and Bankruptcy Board of India, defined the Adjudicating Authority, Information Utility and the Insolvency Professionals."

On output: "resolved 1419 companies as on 31st March 2026. These cases have led to a recovery of ₹4.32 lakh crore to the creditors, which amounts to a realisation of 94.6% of fair value and 166.9% of liquidation value."

Those two percentages need reading carefully, because they are the ones most often quoted. They measure recovery against what the distressed asset is worth — its fair value, and the scrap price it would fetch in liquidation. They do not measure recovery against what the creditors lent. The answer's own year-wise table does that, and it is the more sobering number: realisation by financial creditors ran at 54 per cent in 2017-18 and 55 per cent in 2018-19, then 27, 27, 24, 39, 28, 37 and, in 2025-26, 20 per cent. Both statements are true — the Code extracts nearly everything the asset is worth, and the asset is usually worth far less than the loan by the time it reaches the tribunal.

That gap points at the promise's own adjective. The Code sets 330 days as the outer limit for resolution; in practice cases run far longer, and every additional month erodes the value of the business being resolved. The ministry does not report average resolution time in this answer, saying only that it "varies from case to case depending upon the quality of the insolvent asset."

The wider effects the ministry claims are supported by outside studies rather than its own data: an IIM Bangalore study finding the Code "has prompted borrowers to adhere to stipulated loan payment schedules" with a significant reduction in overdue accounts, and an IIM Ahmedabad report of August 2023 finding improvements in profitability and liquidity of resolved firms. Alongside them sits the headline banking number: gross NPAs down from 11.2 per cent in March 2018 to 1.8 per cent in March 2026.

A lasting framework, as claimed, with a recovery record that is strong against asset value and weak against loans. Our verdict is lacks context.