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.

The government has said that the it will introduce Companies bill 2011 in forthcoming monsoon session of Parliament.

After releasing a book on Innovative March to New Horizon of Corporate Growth in New Delhi on Monday , Corporate Affairs Minister M. Veerappa Moily told reporters that the Bill as introduced in the Lok Sabha in a revised form in late 2011 is still with the Parliamentary Committee on Finance.

Apparently the Committee was not able to finaliased their recommendations in time and government hope that it will table at the very beginning of the Monsoon session.

Giving the details of his ministry's achievement, Mr. Moily said that his ministry was seeking approval of the Cabinet to introduce Competition (Amendment) Bill 2012. The Cabinet has decided to refer the pertinent issues for consideration by Group of Ministers. He said the Ministry has constituted a Committee to draft the National Competition Policy.

After detailed deliberations, the draft is ready and necessary steps are afoot for submission of note to cabinet.

The minister said that a committee appointed under the chairmanship of Mr. Adi Godrej to formulate the National Policy Guidelines on Corporate Governance is making good progress and it should be possible to have the draft policy framework ready for public discussion and debate by the end of next month or early August this year.

AIR correspondent reports that Corporate Ministry has planned number of steps to try and develop Corporate Social Responsibility, CSR as an important tool for nation building.

In the new economic environment, private sector must collaborate with the government in dealing with welfare of the weaker section of society.