PM calls forinvestment-friendly climate, transparentgovernance
BS REPORTER & PTI
New Delhi, 22 September
Within 24 hours of his address to the nation to explain the reasons
behind the government's move to expedite economic reforms, Prime
Minister Manmohan Singh today said if everything went right, Asia's
share in the world economy could be greater than half by the year
2050. The present share is 27 per cent. Singh stressed the need for a
business environment that met global benchmarks.
Addressing a conference on economic growth in Asia and changes in the
corporate environment, he said, "As Asian governments, we in the
government have the responsibility to ensure that corporate laws match
up to international standards, that the regulation of our stock
exchanges comes up to the expectations of global investors and that
our banking and financial sectors are exemplars of both efficiency and
stability." He added all the agencies concerned must build a climate
that attracted investment to the country, encouraged and rewarded
innovation, and established fair and effective regulatory institutions
and legal processes.
"Above all, we have the responsibility to ensure probity, transparency
and accountability in processes of governance," Singh said.
The Prime Minister said the government was examining commercial and
corporate laws to make them relevant to the challenges ahead,
particularly to ensure empowerment of the marginalised sections of
society.
"We will soon bring before Parliament the new Companies Bill that has
been in the making for quite some time now," Singh said at the
conference having an audience that included delegates from South
Korea, Chief Justice of India (CJI) S H Kapadia, CJI-designate Altamas
Kabir and Law Minister Salman Khurshid.
The evolving economic space had to be addressed by all organs of the
government: the executive, legislature and the judiciary, he said,
adding the balance between the three organs might appear to get
unsettled at times but ultimately it had stood the test of time.
Singh praised the Indian judiciary for delivering some judgements
having international ramifications and said the government was ready
to adopt the transnational changes in corporate and economic laws.
"Judicial decisions may at times have transnational impact since the
global financial and trade systems are also becoming closely
integrated. Judges of the 21st century, therefore, have to be social
scientists, economists, political thinkers and philosophers. We in
India can justifiably feel proud that we are blessed with some of the
finest judicial minds of the world," he said.
Singh also emphasised the role of corporate social responsibility,
intrinsically linked with the concept of sustainable development.
Says Asia's share in world economy could exceed half by 2050 from the
current 27%
"We have the responsibilityto ensure probity, transparencyand
accountability in processes of governance
MANMOHAN SINGH, Prime minister BS REPORTER & PTI
New Delhi, 22 September
Chief Justice of India S H Kapadia today said loss was a matter of
fact and profit and gain matters of opinion, remarks that came against
the backdrop of raging controversies over the valuation of natural
resources.
He made no direct reference to the controversies over the CAG reports
on presumptive loss in the 2G spectrum allocation or the gains to
private companies in the coal block allocation, but himself drew
attention to the ongoing controversies on valuation.
The CJI also lauded the Prime Minister's address to the nation
yesterday on the economic situation, saying he brought out the "doom's
day that if we are not careful, the young will suffer".
"Sometime we see certain (TV) programmes and we build our perceptions.
How many of us know the basic principle of valuation? Today, a number
of controversies on valuation are discussed but the basic principle of
valuation is that loss is a matter of fact and profit is a matter of
opinion," Justice Kapadia said.
"If growth goes down, unemployment will increase and at that point
investment is important,"he said.
"The government has difficult choices to make but Americanisation of
laws in India should be avoided. Leaders should know that without the
rule of law, well-connected leaders can grab an unfair share which
will affect inclusive growth," he said. CJI Kapadia warns against
Americanisation of laws
A man onSaturday shouted slogans against Prime Minister Manmohan Singh
as he got up to deliver his address at an international conference in
New Delhi, protesting against the recent increase in diesel prices.
Lawyer Santosh Kumar Suman (32), a member of the Supreme Court Bar
Association, stood on the desk, took off his shirt and shouted, "Prime
Minister, go back. Roll back diesel prices." The incident took place
at Vigyan Bhawan where Singh was attending the conference. PTI
Shirtless man shouts slogans againstPM
ECONOMY
>Industry lauds govt's bold decision on reforms 2 >>PM meets Presidentamid Cabinet reshuffle buzz 3 >>Congress, Trinamool end relationship in WestBengal 3 >
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