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CII for quick decisions on economic legislations

BS Corporate Bureau

The Confederation of Indian Industry has called upon the government and decision makers across the political spectrum to pass many of the economic legislations pending in the Parliament.

Ashok Soota, the CII president said in his first address to the city press that the broad consensus on economic reforms should be used to pass these legislations.

"Some of the most critical reforms need legislative changes which being subject to parliamentary approval are being delayed. Most importantly, many of the legislations even after having gone through the entire process of being cleared by Parliament, have still not been passed," said Soota.

These include the Biological Diversity Bill, the Insurance (amendment) Bill, the Fiscal Responsibility Bill and the Patents (second amendment) Bill. There are around 15 important economic legislations pending in the Parliament.

Meanwhile, CII will carry out a study in conjunction with international consultants Mckinsey & Co on manufacturing, focusing primarily on India's manufacturing competitiveness compared with China.

Regarding CII's expectations from the government, Soota said for the current year, the government must focus on World Trade Organisation and global trade issues, foreign direct investment, tax reforms, economic legislations, services, infrastructure, manufacturing, e-governance and small and medium enterprises.

On the state level reforms, Soota said there is a need to focus on power and labour reforms and quick development of special economic zones.

Soota said that to achieve economic, social and sector specific objectives of corporates, CII's new initiatives in 2002-2003 will cover five broad areas. Four new councils would be formed to study developments and formulate strategies in agriculture, manufacturing, convergence and public policy.

On the social and economic front, CII's initiatives would include setting up of a North-East committee to promote literacy and healthcare in this region, putting in place an economic think tank called the Centre for Research on Economic & Social Issues and a Social Integration Committee.

The other initiatives by CII would include focus on developmental needs of the industry and sectoral focus wherein a new committee would be set up for the housing sector.

On the services sector, new committees would be set up to enhance growth in logistics, inter-modal transport and venture capital.

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