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The high-level committee, set up by the Ministry of Corporate Affairs (MCA) last year under the former Securities and Exchange Board of India (Sebi) chairman M Damodaran, has submitted its report on changing India’s regulatory environment for making business.environment investment friendly.
The committee, consisting of big honchos of corporate India such as ITC Group’s Y C Deveshwar, ICICI Bank non-executive chairman K V Kamath, Aditya Birla Group chairman Kumar Mangalam Birla, and Mahindra Group chairman Anand Mahindra, has suggested legal reforms, regulatory architecture, boosting efficacy of regulatory process, enabling medium and small manufacturing enterprises, and addressing state level issues, MCA said in a statement today.
“The recommendations of the committee and the time frame for implementation are under consideration of the ministry,” MCA said.
The committee was created by the government to review and suggest changes in compliance and regulatory framework for the industry after a World Bank study flagged poor business environment in the country. The World Bank and International Finance Corporation 2012 report on the ease of doing business ranked India as lowly as 132 out of 183 countries, well below the other BRICS and most of the South Asian Association for Regional Cooperation countries.
Besides corporate leaders, the committee included sectoral experts from banks, research institutes and representatives from ministries such as finance, commerce and industry, power, petroleum and also the Reserve Bank of India.
