Showing posts with label Corporate sector. Show all posts
Showing posts with label Corporate sector. Show all posts
Government is committed to providing an enlightened regulatory framework for facilitating corporate growth in the country.
Addressing a function on corporate governance in New Delhi this morning, the Corporate Affairs Minister Dr. Veerappa Moily elaborated that the step has become necessary as some Indian Companies are not doing well in the ranking given by the world Bank in terms of ease of doing Business in India. He said, it is felt appropriate to examine the issues responsible for such discouraging scenario.
The Minister informed that a committee is being formed comprising members from all relevant sectors doing business in India. The aim is to have a measurable target in terms of improvement in the rankings within a period of next 3 to 5 years and place India at one of the top five positions with zero hassles.
Dr. Moily further expressed hope that the Companies Bill 2011 will have an easy passage in the Parliament as there is not much difference of opinion between the Ministery and the standing committee reccomendations.
The draft Bill has been modified on the recommendations of the Parliamentary standing committee and the final version will be placed before the Cabinet after due consultations from other stakeholders. After that ,it will be presented before Parliament. The Bill envisages several reforms in the corporate governance.
The government is also planning to come out with a business development index based on economic parameters to reflect the strength of Indian corporate sector.Dr.Moily said a credible agency will be entrusted with the work of developing the index. The proposal comes against the backdrop of rising concerns among the investor community over the overall investment climate in the country.
Dr. Moily said the Ministry of Corporate Affairs would be
coming out with sustainability reporting framework for
companies in a couple of weeks.The minister also said radical solutions on a massive scale are needed to tackle social and economical problem.
Addressing a function on corporate governance in New Delhi this morning, the Corporate Affairs Minister Dr. Veerappa Moily elaborated that the step has become necessary as some Indian Companies are not doing well in the ranking given by the world Bank in terms of ease of doing Business in India. He said, it is felt appropriate to examine the issues responsible for such discouraging scenario.
The Minister informed that a committee is being formed comprising members from all relevant sectors doing business in India. The aim is to have a measurable target in terms of improvement in the rankings within a period of next 3 to 5 years and place India at one of the top five positions with zero hassles.
Dr. Moily further expressed hope that the Companies Bill 2011 will have an easy passage in the Parliament as there is not much difference of opinion between the Ministery and the standing committee reccomendations.
The draft Bill has been modified on the recommendations of the Parliamentary standing committee and the final version will be placed before the Cabinet after due consultations from other stakeholders. After that ,it will be presented before Parliament. The Bill envisages several reforms in the corporate governance.
The government is also planning to come out with a business development index based on economic parameters to reflect the strength of Indian corporate sector.Dr.Moily said a credible agency will be entrusted with the work of developing the index. The proposal comes against the backdrop of rising concerns among the investor community over the overall investment climate in the country.
Dr. Moily said the Ministry of Corporate Affairs would be
coming out with sustainability reporting framework for
companies in a couple of weeks.The minister also said radical solutions on a massive scale are needed to tackle social and economical problem.
Labels: companies BIll, Corporate sector
Union Minister for Corporate Affairs, Dr. M. Veerappa Moily today said that the Centre will soon unveil the National CSR or Corporate Social Responsibility Plan. Addressing the 3rd National CSR Conclave in Mumbai today, Mr. Moily said that the plan will link the development of corporate sector to the growth of India’s common man. Calling upon the business class to bridge the gap between the country’s haves and the have-nots, Mr. Moily said that business involvement in social welfare and development has been a tradition in India.
Mr. Moily said that business community with its vast resources can work with different communities to bring about an inclusive and sustainable future for all. He added that the challenges of poverty, illiteracy and malnutrition among others need to be addressed through suitable efforts and innovative solutions partnered by state and non-state actors.
Elaborating a close relationship between business and society, Dr. Moily said that business must consider the fact that with a dynamic CSR culture, society will benefit and when society benefits, investors also benefit.
Referring to the Global economy and CSR Dr. Moily said that Indian economy is considered the world’s ninth largest by nominal GDP and the fourth largest by purchasing power parity. He added that lately the Indian corporate sector has seen a period of high growth and has established a significant global footprint.
The Minister of State for Defence MM Pallam Raju has urged the corporate sector to contribute the Government’s Disaster Management efforts. Addressing a seminar on Humanitarian Assistance and Disaster Relief in New Delhi on Wednesday, Dr. Raju advocated setting up of a system where private sector efforts could be integrated with national efforts.
On the occasion, Dr. Raju said that regional co-operation is important in disaster management. He said that India has taken a leading role among South Asian countries for reducing disasters.
Lauding the role of the Armed forces in rescue and relief operations during disasters, he said, the forces are the most dedicated, professional and well equipped with manpower and material resources. He cited the Tsunami disaster, cloud burst in Leh, Bihar floods and the Sikkim earthquake as excellent examples of the Armed forces' capabilities to reach out to the remotest parts of the country for such operations
On the occasion, Dr. Raju said that regional co-operation is important in disaster management. He said that India has taken a leading role among South Asian countries for reducing disasters.
Lauding the role of the Armed forces in rescue and relief operations during disasters, he said, the forces are the most dedicated, professional and well equipped with manpower and material resources. He cited the Tsunami disaster, cloud burst in Leh, Bihar floods and the Sikkim earthquake as excellent examples of the Armed forces' capabilities to reach out to the remotest parts of the country for such operations
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