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Policy Front: Giving credit where it is due

Setting up the Cabinet Committee on Investment set in motion many stalled projects worth lakhs of crores

Anna Hazare

Nivedita Mookerji
Policy paralysis was a tag the government has found tough to shed. Yet, it did show signs of recovery in spurts through the year, whether through legislative measures, administrative reforms or clearing business proposals.

Here's a list of some steps taken which makes the government seem less of a lame duck.

One is on the Lok Pal & criminal law. The anti-corruption wave sparked by Anna Hazare's movement emerged as a big factor, leading to the passing of the legislation establishing an anti-graft ombudsman, after a 46-year wait, with the support of opposition parties. Also, an anti-rape Bill was passed as a result of a massive outcry after a brutal gangrape in Delhi last December.
 

On the economic front, Direct Benefits Transfer (DBT) was launched, to transfer subsidies directly to people. Covering cooking gas subsidies, student scholarships and National Child Labour projects across selected places, DBT has yet failed to help the ruling government. However, these are early days yet.

The initiative to set up a Cabinet Committee on Investment (CCI) was another positive action. It has set in motion many stalled projects, worth lakhs of crores. Promoters of companies are asking CCI to save around 330 stalled investments, with a capital expenditure of Rs 15.5 lakh crore.

Then, a new land acquisition law, to provide fair compensation to farmers, was passed, to take effect from January 1. It replaces a 119-year-old Act and the rules to enforce these have also been approved.

The government also moved swiftly in clearing foreign direct investment proposals such as AirAsia-Tatas, Singapore Airlines-Tatas, furniture major IKEA and fashion retailer H&M. The Jet-Etihad airline deal is in some controversy but is another development.

A new Companies Act also got the nod. The existing law has been revised widely, with several new provisions for protection of investors, better corporate governance and corporate social responsibility.

The recent World Trade Organization meet in Bali was also seen as a victory for the country's food security concerns.

And, through the year, government agencies, courts and regulators kept the pressure on industrialists - examples being Vijay Mallya and Subrata Roy - for being "wilful" defaulters or failing to return investor money.

Also, the 2001 Parliament attack case convict, Mohammed Afzal Guru, was hanged and buried earlier this year, in a top-secret operation, ending a continuous issue of rancour.

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First Published: Dec 31 2013 | 12:29 AM IST

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