The Cabinet Committee on Economic Afairs (CCEA) will develop an agenda for policy and institutional reforms in consultation with various ministries every year, a senior official with the prime minister's office (PMO) today said.
The reforms carried out by the ministries will be evaluated by CCEA along with the evaluation by the PMO in a time bound manner, the official said.
Speaking at an interactive session with more than 70 chief executive officers (CEOs) during the CII National Council meeting, Pradipto Ghosh, additional secretary to PMO outlined measures and mechanism for taking economic reforms forward, a statement from CII said.
"There was no shortage of reform ideas in the country. But the issue is to overcome bureaucratic or political hassles in a bid to expedite the reform process," Ghosh was quoted as saying.
He said that an institutional mechanism for ensuring time bound implementation of investments has been established with Cabinet Committee on Economic Reforms (CCER) as well as the Cabinet Committee on Economic Affairs (CCEA), both chaired by the prime minister with the latter having specific responsibilities for ensuring implementation of projects.
Citing a CII-World Bank study on investment climate in India as well as in the various states, Ghosh said that regulatory hassles are the major impediments for attracting both domestic and foreign investment in the country. "Government will soon identify specific problems faced by investors at all levels of government hierarchy through actual case studies," he said.
He said that the government will redesign procedures and documentation requirements for clearing investment proposal for eliminating delays and ensuring transparency.
"Government, through its policies must ensure a conducive investment climate, which is critical to woo investments from both domestic as well as foreign investors," CII president, Sanjiv Goenka, said.
The CII national council meeting also discussed various issues including customs duty reforms and the role of emerging sectors such as entertainment and the media. Prominent corporate leaders who attended the meeting include CII vice-president Ashok Soota, Bajaj Auto chairman Rahul Bajaj and Ranbaxy managing director D S Brar.
