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This winter session of Parliament will see important Bills coming up for clearance to bring in transparency in procurement of raw materials in the government sector and efficiency in corporate governance.
The Government will introduce the Public Procurement Policy and the Company Law Bill in the winter session, according to Mr Veerappa Moily, Union Minister for Company Affairs. The Government is also working on the Competition Policy, which is expected to be finalised in November.
Inaugurating Yuvonmesha 2011, a student festival organised by the Institute of Cost and works Accountants of India, Mr Moily said the Government annually procures raw materials worth nearly Rs 11 lakh crore but there is no proper policy to monitor the procurement. Even smaller countries such as Pakistan and Nepal have such a procurement policy but not India. “Such a policy will bring down corruption by nearly 50 per cent,” he said.
On the Company Law Bill, Mr Moily said it would be implemented by December that will bring in proper system and mechanism. There will be lot of accountability and transparency, he said. “Our aim is to make business in India the best. We have to restore credibility among investors on the corporate sector, which was hit by recent scams and scandals.”
Competition policy
Competition Policy is expected to be finalised by November and expected to become a law by December 2012. It was first implemented in 2002 but had a number of flaws, he said.
Meanwhile, at Yuvonmesha, Ms D.H. Dharshini Raaja received an award for topping the all-India final examination of the ICWAI. Ms Raaja, daughter of Mr A V Dharmakrishnan, CFO, Madras Cements Ltd, had also come first in the ICWAI intermediate examination held in December 2009.
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