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The Corporate Affairs Minister, Mr Veerappa Moily, on Tuesday hinted at creating a “hassle-free” business environment for ensuring economic turnaround.
A hassle-free business environment coupled with various reform measures being undertaken by the Prime Minister, Dr Manmohan Singh, will help restore investment climate in two-three months, he said.
The Ministry plans to put in place a ‘business index’, which will rate corporates based on their performance, in order to promote competitiveness.
“The Corporate Affairs Ministry will work with other Ministries to create a master plan for a hassle free business environment. Processes like FDI clearances, closing of industries, merger and acquisitions will be put on fast track mode,” he said at a seminar organised by the MCC Chamber of Commerce and Industry here today.
The Companies Bill is likely to be introduced in the forthcoming monsoon session of Parliament, he said. The monsoon session begins on August 8.
Corporate Governance
Earlier during the day, speaking at an interactive session organised by the Bengal Chamber of Commerce, Mr Moily highlighted the need for a national corporate governance policy to build an ethical foundation for the economy.
“We need to have a national corporate governance policy customised to our business environment. We can draw lessons from other countries as well,” he said.
A committee under industrialist Mr Adi Godrej has been set up to look into it. “The draft policy framework should be finalised within the next one-to-two months,” he said.
The second version of MCA-21 would be in place once the earlier version expires in March 2013. MCA 21 is a comprehensive e-governance solution which has helped improve transparency and efficiency in corporate regulation sector.
Manesar violence
The recent violence at the Maruti plant in Haryana was “unfortunate and isolated”, he said. However, it has not shaken the company’s confidence.
“It was an act of violence and action will be taken against anyone resorting to violence. However, the senior officials at Maruti have said that they do not want to move out the plant and this proves that industry’s confidence is not shaken,” he said.
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