To make India a better and easier place to do business, a high profile committee has asked the government to undertake a slew of measures, including legal reforms, a friendlier and more effective regulatory framework and faster investment clearances at state-level.
The committee, headed by former Sebi Chairman M Damodaran, has submitted its report to the Ministry of Corporate Affairs which would take appropriate steps after studying the recommendations.
The committee was constituted by the Ministry of Corporate Affairs for 'Reforming the Regulatory Environment for doing Business in India'.
"The recommendations of the committee and the time-frame for implementation are under consideration of the Ministry of Corporate Affairs," the ministry said in a press release.
Asked about the Damodaran panel report, Corporate Affairs Minister Sachin Pilot told PTI that he has received the report and ministry would initiate appropriate measures after studying the recommendations.
"The Committee has made a number of recommendations that can be classified as: legal reforms, regulatory architecture, boosting efficacy of regulatory process, enabling MSME's, and addressing state level issues," the ministry said.
However, further details of recommendations could not be ascertained.
India is ranked very low at 132nd position in World Bank's ease of doing business list among total of 183 countries globally. The panel was set-up in August last year to suggest ways for improving business climate in India.
The panel was expected to submit its report within six months but got delayed.
Other members of the panel included representatives from the government and regulatory authorities as also industry leaders such as Mahindra Group Chairman Anand Mahindra, Aditya Birla Group Chairman Kumar Mangalam Birla, ITC Chairman Y C Deveshwar, Tata Sons Director Ishaant Hussain and Teri Vice-Chairman R K Pachauri.
There were also representatives from Sebi, Reserve Bank of India (RBI) and the Ministries of Corporate Affairs, Finance, Power, Petroleum, Highways, Commerce and Industry and Urban Development.
The panel was set up at a time when concerns are being raised by industry and investors, from India and abroad, about perception of policy paralysis and lack of required economic reforms.
"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 government had said while constituting the panel.
The panel conducted an extensive examination of regulations in different areas such as financial and governance reforms and liberalised policy framework to suggest ways of reforming regulatory environment for doing business in the country.