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26 August 2012

New advisory body to cut red tape (India)

  Last Friday, the government of India set up a 21-member panel, including representatives from the government and regulatory authorities as well as respected industry leaders to suggest ways for reforming regulatory environment for doing business in India. The panel is being set up at a time when concerns are being raised by the industry and investors, from India and abroad, about perception of policy paralysis and lack of required economic reforms.
The World Bank and International Finance Corporation 2012 report on the ease of doing business ranks India a lowly 132 out of 183 countries, well below the other BRICS and most of the South Asian Association for Regional Cooperation countries. The committee, headed by the former Securities and Exchange Board of India (Sebi) chairman , would prepare a detailed report within six months and submit the same to the government, the Ministry of Corporate Affairs (MCA) said in a press release. "There is a need to conduct an in-depth study into the entire gamut of regulatory framework and come out with a detailed roadmap for improving the climate of business in India in a time bound manner," the release said. The panel would comprise representatives from Sebi, Reserve Bank of India (RBI) and the Ministries of Corporate Affairs, Finance, Power, Petroleum, Highways, Commerce and Industry and Urban Development. Easing of business environment mandates extensive examination of regulations in different areas such as financial and governance reforms and liberalised policy framework, MCA said. For more, see article by Economic Times of India.

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